Stocks are holding on to their gains in late trading, with all three major indexes currently near session highs, as investors cheer the fiscal cliff deal. Stocks have also been pushed higher by better than expected manufacturing data.
All sectors in the S&P 500 except Healthcare are currently in green. The gains are being led by the Technology sector, which is currently trading 2.47% higher. Industrials have also risen sharply in trading today. At last check, the sector was trading 2.08% higher. Basic Materials sector is currently trading 2% higher. Financials are up 2.13% in late trading. Healthcare sector is currently trading 1.31% lower.
Zipcar Inc. (NASDAQ: ZIP) shares are seeing a huge rally in trading today after the company agreed to be acquired by Avis Budget Group Inc. (NASDAQ: CAR) in a transaction worth close to $500 million. ZIP shares are currently trading 48.06% higher at $12.20 on above average volume of 11.68 million. Avis shares have also edged higher in trading today. At last check, the stock was trading 4.64% higher at $20.74. Avis shares hit a 52-week high of $21.10 earlier today.
Facebook Inc. (NASDAQ: FB) shares have also risen sharply in trading today after JP Morgan raised its price target on the stock from $29 to $35. FB shares are currently trading 5.26% higher at $28.02.
Other major gainers in late trading today include Apple Inc. (NASDAQ: AAPL), which is currently trading 2.87% higher at $547.47, and Molycorp Inc. (NYSE: MCP), which is currently trading 11.12% higher at $10.49.
European markets ended mostly higher earlier today, the EURO STOXX 50 Index closing 2.86% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.