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From Briefing.com: 4:25 pm : Better-than-expected economic data from China and Australia combined with a successful Spanish bond auction and in-line to slightly better-than-expected weekly jobs data in the U.S. were good enough reasons for U.S. equity investors buy beaten down shares.

The Dow Jones Industrial Average surged 273 points, with the S&P 500 up 31, and the Nasdaq higher by 60.

Stocks opened the day sharply higher, and drifted sideways for much of the session before extending their gains in the final hour of trading to finish at session highs. The energy sector was particularly strong with BP Plc closing up 12.7% (BP 32.92, +3.72).

Shares of Goldman Sachs (GS 133.71, -3.09) failed to participate in the rally following a FT report regarding an additional SEC inquiry into a mortgage backed security. The stock closed lower by 2.3%.

The euro continued its recent climb, regaining the 1.2100 level for the first time in a week after trading as low as 1.1877 on Monday. The pound also extended its recent gains, climbing above 1.4700 after spend some of today's session near 1.4500.

Commodities were mostly higher today led by strength in energy, with crude oil closing at 75.48 +1.10, its highest close since May 11th.

Gold grinded lower throughout the day and found support near 1118. The yellow metal continues to hover near 1120.

Advancing Sectors: Industrials (+3.5%), Financials (+3.3%), Materials (+3.5%), Consumer Discretionary (+3.2%), Energy (+4.9%), Tech (+2.5%), Utilities (+2.7%), Health Care (+2.0%), Consumer Staples (+1.5%), Telecom (+2.1%)

Declining Sectors: None DJ30 +273.28 NASDAQ +59.86 SP500 +31.15 NASDAQ Adv/Vol/Dec 2256/2.14 bln/417 NYSE Adv/Vol/Dec 2690/1.34 bln/380

4:04PM National Semi beats by $0.05, beats on revs; guides Q1 revs above consensus (NSM) 13.50 +0.39 : Reports Q4 (May) GAAP earnings of $0.33 per share, $0.05 better than the Thomson Reuters consensus of $0.28; revenues rose 10.1% year/year to $398.5 mln vs the $384.1 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $410-418 mln vs. $390.78 mln Thomson Reuters consensus.

4:02PM Finisar beats by $0.02, beats on revs; guides Q1 revs above consensus (FNSR) 14.22 +0.68 : Reports Q4 (Apr) earnings of $0.22 per share, $0.02 better than the Thomson Reuters consensus of $0.20; revenues rose 75.3% year/year to $188.5 mln vs the $183 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $190-205 mln vs. $186.09 mln Thomson Reuters consensus.

8:16AM Virage Logic to be acquired by Synopsys (SNPS) for $12.00 share (VIRL) 9.37 : Synopsys and Virage Logic Corporation announced they have signed a definitive agreement for Synopsys to acquire Virage Logic. Under the terms of the agreement, Synopsys will pay $12.00 cash per Virage Logic share, resulting in a transaction value of ~$315 mln, or ~$289 mln net of cash acquired. The transaction is subject to regulatory and Virage Logic shareholder approval, as well as other customary closing conditions.