Markets soar as home prices climb

The markets opened sharply higher with the Dow leaping 219 points to 16,105 as November home prices climbed. Nasdaq gained 18 points to 4,537.

On the upside

Freeport-McMoRan (NYSE: FCX) reported a smaller than expected loss for the fourth quarter and will accelerate its debt reduction plans.

SCOCO Group (Nasdaq: SGOC) signed a long-term, exclusive agreement authorizing Macau Jinyi Technology to develop and market BOCA branded energy saving and environmental protection products and technologies in Macau.

Sprint (NYSE: S) narrowed third quarter losses more than expected and lifted its full year forecast.

On the downside

Huntington Bancshares (Nasdaq: HBAN) will pay approximately $3.4 billion in cash and stock to acquire FirstMerit (Nasdaq: FMER).

Novavax (Nasdaq: NVAX) priced its offering of $300 million of convertible senior notes.

Investors locked in profits on EnerNOC (Nasdaq: ENOC).

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 soared 19 points to 1,896. Bitcoin eased a fraction to $393.

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