China’s announcement that it will act to ensure 7.5% growth lifted the markets to a higher open with the Dow soaring 114 points to 14,242. Nasdaq surged 30 points 3212.

On the upside

Barclays upgraded MGIC Investment (NYSE: MTG) to an Overweight rating.

Cree (Nasdaq: CREE) introduced a new line of cost effective LED lightbulbs and lifted its third quarter revenue guidance.

Drug store chain Kerr Drugs will sell Acura Pharmaceuticals’ (Nasdaq: ACUR) abuse deterrent cold and allergy medication.

On the downside

The Wall Street Journal reported that J.C. Penney’s (NYSE: JCP) third largest shareholder Vornado Realty Trust sold 10 million shares in the struggling department store.

The Food and Drug Administration identified additional problems at Impax Laboratories’ (Nasdaq: IPXL) Hayward manufacturing plant.

Williams Partners (NYSE: WPZ), priced its public offering of 11.25 million common units.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 index climbed 12 points to 1537.