The markets staged a comeback in late afternoon trading to close sharply higher with the Dow rocketing 567 points to 24,912. Nasdaq leaped 148 points to 7115.

On the upside

Fabrinet (NYSE: FN) reported stronger than expected earnings and revenue for the second quarter.

Quotient (Nasdaq: QTNT) narrowed losses for the third quarter as revenue climbed and provided an update for the commercial scale-up of MosaiQ.

Second quarter results for Oclaro (Nasdaq: OCLR) topped expectations.

On the downside

Trading on the VelocityShares Daily Inverse VIX (Nasdaq: XIV) was halted after sharp losses yesterday.

8point3 Energy Partners (Nasdaq: CAFD) will be acquired by Capital Dynamics.

A Seeking Alpha contributor has accused NQ Mobile (NYSE: NQ) of transferring two subsidiaries to company chair Vincent Wenyong Shi.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 soared 46 points to 2,695. Bitcoin leaped $1,050 to $7,060.