Mild inflation data sent the markets soaring to a sharply higher close with the Dow leaping 196 points to 24,739. Nasdaq climbed 65 points to 7404.

On the upside

ARMO BioSciences (Nasdaq: ARMO) will be acquired by Eli Lilly (NYSE: LLY) for a premium of approximately $1.6 billion in cash.

Turtle Beach (Nasdaq: HEAR) swung to a profit for the first quarter that beat expectations by a wide margin.

Prestige Brands (NYSE: PBH) topped analyst estimates for the fourth quarter.

On the downside

Soaring tensions between Israel and Iran sent shares of Middle East based Amira Nature Foods (NYSE: ANFI) plummeting.

MDC Partners (Nasdaq: MDCA) widened first quarter losses prompting the advertising company to lower its full year forecast.

EyePoint Pharmaceuticals (Nasdaq: EYPT) widened third quarter losses.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 climbed 25 points to 2,723. Bitcoin plummeted $174 to $9,076.