Midday Report: Texas Instruments Ups Forecasts; Stocks Rally

It's an earnings bonanza on Thursday as companies from industries as varied as airlines to fast food to chipmakers report their recent quarters. Stocks surged led by a sales surprise from McDonald's (MCD). Texas Instruments (TXN) led other chipmakers higher after boosting its sales outlook on the back of improved demand for its products. The industry bellwether said greater focus on its analog chip business will fuel growth. Materials stocks were the best performers driven by Dow Chemical (DOW) which jumped after beating quarterly estimates and raising its dividend. The industrial chemicals company also committed to repurchasing $1 billion worth of stock through to the end of 2016.