The US market traded in a strong note during the mid-day session on the first trading day of the week amidst reports that France and Germany have pledged to come up with a plan by the end of the month to tackle the euro zone debt crisis and support the region's banks.
The Dow Jones industrial average jumped 2.07 percent or 229.78 points to trade at 11,332.90. The Nasdaq Stock Market Inc. composite index gained 2.35 percent or 58.29 points to trade at 2,537.64. The Standard & Poor's 500 index was up 2.27 percent or 26.27 points to trade at 1,181.73. The New York Stock Exchange composite index rose 2.34 percent or 161.74 points to trade at 7,087.54.
Hot Stocks of the Day: RIMG, NFLX, AAPL, SPN, CPX, S
Rimage Corp. (Nasdaq: RIMG) agreed to acquire Qumu Inc. for $52 million, giving it a greater presence in the growing video communications market. Shares of Rimage were down 1.40 percent or $0.18 to trade at $12.65.
Netflix Inc. (Nasdaq: NFLX) announced to keep its DVD-by-mail and online streaming services together under one name and one Web site. Shares gained 6.25 percent or $7.32 to trade at $124.53.
Shares of Apple Inc. (Nasdaq: AAPL) gained 3.79 percent or $14.01 to trade at $383.81 as the preorders for its iPhone 4S topped one million in a single day, surpassing the previous single-day preorder record of 600 thousand set by the iPhone 4.
Superior Energy Services Inc. (NYSE: SPN) plans to acquire Complete Production Service Inc. (NYSE: CPX) for nearly $2.6 billion. Shares of Superior Energy slumped 14.08 percent or $3.86 to trade at $23.55, while shares of Complete Production jumped 39.06 percent or $7.96 to trade at $28.34.
Shares of Sprint Nextel Corp.