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Markets Close Higher as Bernanke Signals Support

CareFusion ( CFN ) declined, falling 3.1% to $33.59 after the medical technology company said its 2013 revenue guidance could fall by as much as the low-single-digits on a percentage basis compared with its previous expectation that revenue would grow 1% to 3%.

Priceline.com (PCLN) jumped 3.8% to $765.41 after the online-travel company garnered bullish action with earnings that beat Wall Street expectations, offsetting weaker-than-anticipated guidance. Piper Jaffray raised its price target to $850 from $800, followed by Macquarie, Credit Suisse, Jefferies, and Raymond James, overshadowing JMP Securities' and Deutsche Bank's price-target cuts following the second-quarter outlook.

Oil and natural gas exploration company QEP Resources Inc. ( QEP ) gained 5.4% to $29.88 after its operating arm, QEP Midstream Partners LP, revealed Thursday that it filed for an IPO of as much as $400 million.

Gap (GPS) was another big gainer in the S&P, tacking on 5.6% to $40.99 after the apparel retailer reported a 7% increase in April same-store sales driven by increases at Old Navy and produced an earnings guidance that also exceeded forecasts. Canaccord Genuity has raised its price target on Gap to $40 from $39 a share.

The U.S. Treasury's monthly budget report showed a monthly net surplus of $112.9 billion in April.

Written by Andrea Tse and Joe Deaux in New York

>To contact the writer of this article, click here: Andrea Tse.

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