& P 500 rose 1.1% driven AIG’s commitment
Stock Report March 9th, 2010
U.S. stocks rose for the third day after American International Group Inc. plans to pay off debts to the government and manufacturing data and economic indicators lead to the end of the recession.
AIG shares rose 21% to be the best in the Standard & Poor’s 500 Index after CEO Robert Benmosche said it could do something for the shareholders. Google Inc. shares rose 3.7% after entered by Goldman Sachs Group Inc. to the group ‘conviction buy’. For Prudential Financial Inc added 4.3% after FBR Capital Markets recommends buying the stock.
S & P 500 rose 1.1% to 1007.37 at 4:05 p.m. in New York. Dow Jones Industrial Average rose 70.89 points, or 0.8% to 9350.05. Four stocks rose for every decline in the New York Stock Exchange.
AIG’s shares rocketed 21% to U.S. $ 32.30 after Benmosche said in an interview in Croatia that one day it can afford to pay the debt to the government and hoped to do something for the shareholders.
Last year, AIG agreed to convert almost 80% of shares to the government to get a bailout. Rescue including the provision of credit of U.S. $ 60 billion, investing up to U.S. $ 70 billion, and U.S. $ 52.5 billion to buy mortgage assets that are guaranteed by insurance.
Google shares rose 3.7% to U.S. $ 460.41 after Goldman Sachs put it into conviction buy list following the growth expectations in Europe and high income driven by increased consumer spending.
Prudential Financial Inc., the second largest life insurance in the U.S., grew 4.3% to U.S. $ 48.09, led the increase in shares of financial groups in the S & P 500 by 2.6%.
