A 2.6% gain in April housing starts lifted the markets to a higher open with the Dow climbing 83 points to 12,715. Nasdaq gained 19 points to 2913.

On the upside

Sina (Nasdaq: SINA) narrowed first quarter losses more than expected as revenue rose.

Canaccord Genuity upgraded SandRidge Energy (NYSE: SD) to a Hold rating.

Medicare will now cover Rosetta Genomics' (Nasdaq: ROSG) miRview mets2 assay.

On the downside

J.C. Penney (NYSE: JCP) fell to a larger than expected loss for the first quarter as revenue dropped.

Newcastle Investment (NYSE: NCT) priced its public offering of 20 million common shares at the discounted price of $6.71 per share.

Abercrombie & Fitch (NYSE: ANF) disappointed with sharply lower first quarter earnings as expenses climbed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 782.