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Market Update

S&P 500 Surges 1.2%, DAX in Frankfurt Soars 2.4%

Author: Nichole Harper
Last Update: 1:30 PM ET June 10 2015

1:25 PM Market indexes on Wall Street gained on both sides of Atlantic on reports that Greece and international lenders are closer than expected in reaching a compromise. Johnson Controls is looking to sell its automotive business unit. Cap Gemini to raise 506 million to finance iGate purchase.

Market indexes on both sides of Atlantic traded higher on reports that Greece and international lenders are inching closer to a compromise.

Market expectations ran high in the absence of details and ahead of May U.S. retail sales report tomorrow.

On Wall Street, Tollbooth Strategy Index climbed 1.1% or 118.12 to 10,743.34.

S&P 500 index jumped 1.2% or 25.28 to 2,105.41 and the Nasdaq Composite Index increased 1.3% or 65.43 to 5,079.24.

Crude oil in New York rose 57 cents to $60.71 a barrel and gold gained $9.60 to $1,187.20 an ounce.

U.S. Movers

Assurant, Inc (AIZ) gained 1.3% or 86 cents to $66.66 after the insurance services provider said it will sell some small-group businesses to National General Holdings Corp and plans to exit from health insurance market to support housing and lifestyle specialty protection products and services.

Assurant said cost related to exit would be in the range of $175 million to $250 million and total future incremental cash expenditures will be between $95 million and $110 million.

The insurer estimated to complete its exit of the health insurance market by the end of 2016.

Johnson Controls Inc (JCI) climbed 4.9% or $2.56 to $54.12 after the diversified technology company announced today that it is exploring strategic options for the separation of its automotive business.

The company said Johnson Controls Operating System already delivering results and is expected to yield $2 billion in incremental segment income by fiscal 2020.

European Markets

Total production output in April rose 0.4% from March and jumped 1.2% from a year ago month, Office of National Statistics said.

In London trading, FTSE 100 index jumped 0.6% or 42.37 to 6,796.29 and in Frankfurt the DAX index climbed 1.3% or 145.23 to 11,144.78.

In Paris, CAC 40 index increased 0.6% or 30.06 to 4,882.31.

Bayer AG jumped 2.9% to 127.95 after the Germany-based conglomerate agreed to sell its diabetes devices business to Japan-based healthcare company Panasonic Healthcare Co., Ltd for about 1.02 billion or about 138 billion yen.

The transaction is expects to close in the first-quarter of next year.

Cap Gemini SA fell 0.7% to 77.17 after the France-based professional consultation services provider said it launched a stock offering of 7 million new shares priced at 75.50 a share to raise 505.8 million to finance the purchase of iGATE Corp.

On April 27, the company agreed to acquire the U.S.-based and India-focused iGATE Corp, the integrated technology and operational solutions provider for a cash consideration of $48 a share or about $4 billion.

The transaction is expected to close in the second quarter.

Inditex SA slipped 1.3% to 29.61 after the Spain-based fashion accessories retailer reported group revenues in the first-quarter ending in March soared 17% to 4.37 billion from 3.75 billion in a year ago period.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc