10:35 AM New York – Stocks on Wall Street advanced and extended gains in European markets after Cyprus and European lenders struck a deal and averted a crisis in the euro zone. Dell received two alternative proposals from Blackstone Group and investor Carl Icahn. Apollo Group soared 10% on better than expected results.
Stocks on Wall Street traded higher and the widely followed benchmark S&P 500 index inched near its all-time high of 1,565.15 set on October 9, 2007.
Market indexes extended gains after a week of tumultuous trading after a late night deal between Cyprus and European regulators averted a flare up of banking crisis in the euro zone and the collapse of baking system in the island nation.
The deal will close the second largest bank in Cyprus and merge its assets bank deposits up to 100,000 euro accounts with the Bank of Cyprus. The accounts with more than 100,000 euro will be inflicted with larger tax to pay for 5.8 billion euros needed for the total bank bailout of 10 billion euros.
Financials led the morning gainers and utilities and tech stocks also participated in the rally.
Markets in Europe traded higher and after the Cyprus deal and markets in Asia gained after the Nikkei in Tokyo led the Asian markets with a rise of 1.7%.
Stocks in Review
Apollo Group (APOL
) soared 10% after the online education provider reported fiscal second quarter revenues and earnings ahead of expectations and past due receivables provisions fell sharply.
) increased 3% after the PC maker reported confirmed that it received two additional proposals from Blackstone Group and investor Carl Icahn.
Identix Pharmaceuticals plunged after the U.S. Patent and Trademark Office failed to approve its application for certain compounds used in hepatitis C treatment.
Research in Motion (RIMM
) extended losses for the second day in a row after the latest Z10 smartphone launch failed to ignite the expected market buzz.
United Therapeutics plunged 6% after the U.S. Food and Drug Administration for the second time rejected its treatment for pulmonary arterial hypertension.