General Motors reassured investors that its restructuring plan is working and that the automaker will not need a $2 billion government loan. The Dow surged 147 points to 7070 while Nasdaq climbed 26 points to 1398.

On the upside

Gilead Sciences (Nasdaq: GILD) will pay approximately $1.4 billion to acquire CV Therapeutics (Nasdaq: CVTX).

Although fourth quarter earnings for Men's Weahouse (NYSE: MW) plunged, the results were better than expected prompting analyst to upgrade the retailer.

Hanesbrands (NYSE: HBI) amended its credit agreement as a precaution to ensure that the company will be able to meet it debt requirements.

On the downside

YRC Worldwide (Nasdaq: YRCW) said that cost cutting measures should significantly improve second quarter results.

Second quarter earnings for Pall (NYSE: PLL) dropped to fall short of expectations as revenue tumbled amidst the economic slump.

Quiksilver (NYSE: ZQK) blamed a decline in sales and significant losses from discontinued operations for widening first quarter losses.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 11 points to 377.