On The Fly: Top stock stories at midday

Stocks opened sharply higher thanks in large part to strong earnings from several of the nation's largest corporations. Caterpillar (CAT), McDonald's (MCD), and DuPont (DD) supplied the firepower with solid quarterly reports that lifted the Dow and S&P toward record levels and the Nasdaq above the 6,000 level for the first time. Since the open, the market has been in a holding pattern, having moved in a very narrow range. This mornings earnings barrage is just the beginning of a continued onslaught, as nearly 200 members of the S&P 500 are scheduled to report this week. ECONOMIC NEWS: In the U.S., the Case-Shiller 20-City home price index rose 0.42% to 193.5 for February, following a 0.2% January increase. The FHFA home price index rose 0.8% in February to 244.8 from a revised 0.2% increase to 242.9 in January. Consumer sentiment slid 4.6 points to 120.3 in the preliminary April print after soaring 8.8 points to 12.9 in March, which was the highest going back to December 2000. The Richmond Fed manufacturing index dipped to 20 in April after climbing to 22 in March. New home sales jumped 5.8% to a seasonally adjusted annual rate of 621,000 units last month, marking the highest level since July 2016. COMPANY NEWS: Several Dow components reported strong earnings this morning, helping the Dow Jones Industrial Average log a 200+ point gain for the second day in a row. Coca-Cola (KO) was the only one of the five Dow components announcing quarterly results that saw earnings slightly miss consensus expectations. Nonetheless, the company was optimistic about the remainder of year, raising the low-end of its 2017 outlook and eyeing additional cost cuts. Meanwhile, shares of McDonald's have gained over 5% following better than expected first quarter performance as strong restaurant sales show its turnaround is taking hold. Also higher near noon were Caterpillar and Du Pont, which jumped about 7% and 3%, respectively following strong results for the quarter. Lastly, 3M (MMM) was also fractionally higher after the Industrial conglomerate reported a 3.8% rise in quarterly profit on strong growth in Asia and Latin America. MAJOR MOVERS: Among the notable gainers was Rite Aid (RAD), which advanced about 5% after the pharmacy operator reported better than expected fourth quarter results. Also higher was Straight Path Communications (STRP), which gained about 13% after disclosing that an unsolicited offer made by an unnamed "multi-national telecommunications company" is consider superior to AT&T's (T) $95.63 per share bid. Additionally, AdvancePierre Foods (APFH) rose about 10% following the announcement that Tyson Foods (TSN) will acquire the company for $40.25 per share in cash. Among the noteworthy losers was Express Scripts (ESRX), which slid about 12.5% after the company reported quarterly results and said that it is unlikely that its contract with Anthem (ATHM) will be extended. Also lower was Eli Lilly (LLY), which slipped 3% despite better than expected first quarter earnings per share and revenue. Additionally, Lockheed Martin (LMT) dropped nearly 3% following weaker than expected first quarter results and a cut to its fiscal year outlook. INDEXES: Near midday, the Dow was up 245.93, or 1.18%, to 21,009.82, the Nasdaq was up 42.78, or 0.71%, to 6,026.60, and the S&P 500 was up 14.79, or 0.62%, to 2,388.94.