Merger and acquisition activity sparked a late afternoon rally to send the markets soaring with the Dow leaping 138 points to close at 15,254. Nasdaq rose 9 points to 3465.
On the upside
American Safety Insurance (NYSE: ASI) will be acquired by Fairfax Financial Holdings for a premium of approximately $306 million in cash.
Tesaro (Nasdaq: TSRO) partnered with the European Network of Gynecological Oncological Trial Groups to conduct a Phase 3 clinical trial for the ovarian cancer treatment niraparib. Tesaro also partnered with Breast International Group and the European Organization for Research and Treatment of Cancer for a Phase 3 trial of niraparib for the treatment of breast cancer.
On the downside
Zynga (Nasdaq: ZNGA) will eliminate 520 jobs, or 18% of its workers, in order to save between $70 million to $80 million per year.
Trading restrictions on 82% of SolarCity (Nasdaq: SCTY) will expire on June 10.
National Bank of Greece (NYSE: NBG) announced on Friday a tender offer to purchase up to 22.5 million American Depositary Shares.
In the broad market, declining issues edged out advancers by a margin of nearly 10 to 9 on the NYSE while advancers outpaced decliners by more than 7 to 5 on Nasdaq. The broader S&P 500 index gained 9 points to 1640.
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