Dow Jones Industrial Average Takes Off Ahead of Payrolls

After some early seesaw action, the Dow Jones Industrial Average (DJIA) turned higher at midday, bringing its two-day losing streak to an abrupt end. Traders eyed bond yields and crude prices -- which both cooled their jets after a recent run up -- but the real focus was a well-received report on weekly jobless claims, which struck an optimistic tone ahead of tomorrow's highly anticipated nonfarm payrolls report.

Continue reading for more on today's market, including:

• Breaking M&A speculation sent this Internet stock through the roof.
• Call volume exploded on Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) after earnings, while its sector peer lost ground.
• How pre-earnings traders got it wrong on Canadian Solar Inc. (NASDAQ:CSIQ).
• Plus ... A court rules against the NSA, unemployment stays low, and the gaming stock that's on fire.

The Dow Jones Industrial Average (DJIA - 17,924.06) shot higher around midday and was up over 130 points at its session peak, adding 82.1 points, or 0.5%, by the close. Of the index's 30 components, 24 ended higher, led by Home Depot Inc's (NYSE:HD) 1.6% gain. Exxon Mobil Corporation (NYSE:XOM) was the biggest loser, falling 0.7% in step with crude. 

The S&P 500 Index (SPX - 2,088.00) also moved decisively higher at midday, adding 7.9 points, or 0.4%. The Nasdaq Composite (COMP - 4,945.54) was higher most of the session, ending with a 25.9-point, or 0.5%, advance. 

The CBOE Volatility Index (VIX - 15.10) dropped 0.02 point, or 0.1%, but held above 15. 

5 Items on Our Radar Today:

1. The National Security Agency's (NSA) phone record collection program has been ruled illegal by a federal appeals court. The government argues the program is made legal by the Patriot Act, which expires next month. (CNN)
2. Weekly unemployment numbers stayed near 15-year lows. On a seasonally adjusted basis, claims rose by 3,000 to 265,000 last week. (MarketWatch) 
3. Nu Skin Enterprises, Inc. (NYSE:NUS) got destroyed by negative news today. 
4. The soft drink concern that made a major upside move. 
5. The video game stock that reached all-time highs after it upped its yearly guidance. 

Commodities:

Crude oil took a dive today, with investors showing concern over Iran's supplies. For the day, June crude lost $1.99, or 3.3%, to end at $58.94 per barrel. 

Gold futures ended lower once again, due to encouraging jobs data and a stronger dollar. At the close, June-dated gold fell $8.10, or 0.7%, to $1,182.20 per ounce.