Despite sharply lower new home sales, the markets closed higher with the Dow climbing 86 points to 12,849 as Ford reported an unexpected profit for the first quarter. Nasdaq surged 24 points to 2429.

On the upside

A committee of the European Medicines Agency issued a positive opinion of Progenics Pharmaceuticals' (Nasdaq: PGNX) and Wyeth's (NYSE: WYE) opioid induced constipation treatment Relistor.

NextWave Wireless (Nasdaq: WAVE) retained the services of Deutsche Bank and UBS to advise the company on the sale of its nearly nationwide wireless spectrum holdings.

Shares of Jefferies Group (NYSE: JEF) recovered today after Fitch Ratings downgraded its issuer default and debt ratings yesterday.

On the downside

Insight Enterprises (Nasdaq: NSIT) warned that first quarter results will fall short of estimates due to disappointing sales in North America.

CNH Global (NYSE: CNH) blamed internal inefficiencies as well as problems with suppliers for first quarter results that fell short of estimates.

Symmetry Medical (NYSE: SMA) reported a loss for fiscal 2007 and restated results for 2005 and 2006.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 717.