Stocks Hold on to Gains in Late Trading
Stocks are holding on to their gains in late trading. All three major indexes are currently in green. Stocks have been pushed higher by an increase in M&A activity, strong corporate earnings, and some relief over the situation in Egypt.
In late trading, the Dow Jones is up 0.58% to 12,162.24, the S&P 500 is up 0.62% to 1,319.02, and the Nasdaq is up 0.59% to 2,785.76.
All sectors in the S&P 500 are currently in green. The gains in late trading are being led by Industrials, which are up more than 1%. Financials are also rallying in late trading. At last check, Financials were up 0.85%.
The gains in the Financials are being led by insurers, including CNA Financial Corporation (NYSE: CNA) and American International Group (NYSE: AIG). CNA Financial Corporation shares are rallying after the insurer announced strong fourth-quarter financial results. At last check, shares of CNA Financial were up 8.98% to $30.23. The stock touched a 52-week high of $30.71. Meanwhile, shares of AIG are also soaring in late trading. At last check, AIG shares were up 5.47% to $42.19.
Pride International Inc. (NYSE: PDE) shares are also soaring in late trading after the company announced that it entered into a definitive merger agreement with Ensco PLC (NYSE: ESV). At last check, Pride International shares were up 15.79% to $39.82. The stock touched a 52-week high of $40.71 in late trading. Meanwhile, shares of Ensco are currently 4.58% lower at $51.92.
Other major gainers in late trading include Beckman Coulter Inc. (NYSE: BEC), which is currently trading 9.77% higher at $82.51, Danaher Corporation (NYSE: DHR), which is currently trading 2.36% higher at $49.11, TransGlobe Energy Corporation (NASDAQ: TGA), which is currently trading 10.57% higher at $14.96, B Communications Ltd. (NASDAQ: BCOM), which is currently trading 10.15% higher at $33.65, Carlisle Companies Inc. (NYSE: CSL), which is currently trading 8.93% higher at $42.32, Chesapeake Energy Corporation (NYSE: CHK), which is currently trading 3.63% higher at $31.15, and Orexiegn Therapeutics Inc. (NASDAQ: OREX), which is currently trading 9.85% higher at $3.96.
