Wall Street is having a big time rally this morning following news of a euro zone deal. The Dow is up more than 240 points right now at 12,117, the Nasdaq is up over 50 points at 2,701 and the S&P 500 is up 27 points at nearly 1,270.
The deal that European leaders struck with private banks on Thursday will see banks accept a 50% loss on holdings of Greek government bonds. This is part of their plan to lower Greece’s current debt burden and contain the euro zone debt crisis.
Greece will see its debt burden reduced by 100 billion euros with its debt being 120% of GDP by 2020 versus 160% now. The euro zone will also be offering “credit enhancements” to the private sector totaling around 30 billion euros. The total value of the deal will be 130 billion euros.
Let’s take a look at a few NYSE stocks that are rallying with the market today.
SolarWinds, Inc. (NYSE:SWI) is up nearly 15% at $27.54 today and was as high as $28.19 earlier this morning. SWI is up on above average volume with over 1.5 million shares traded so far today, above its daily average of 1 million shares.
Cabot Oil & Gas Corporation (NYSE:COG) is up 15% at $76.81 with an intraday high of $79.35. COG is rallying after analysts’ remarks that the company’s production target for 2012 of 45% to 55% looks conservative. COG has traded over 3 million shares this morning, about 50% more than its daily volume.
Shares of Terex Corporation (NYSE:TEX) are up 14% at $17.16. TEX announced third quarter results on Wednesday that beat expectations and the company also announced it is raising its 2011 sales outlook. TEX has traded over 4.5 million shares so far today.