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In classic fashion, after walking on eggshells for months about whether Greece would manage to get a bailout from the rest of Europe, the market hardly responded at all to news that the ailing European nation would indeed receive a second bailout of 130 billion euros. But a late-morning push sent the average toward the 13,000 level, and around 10:45 a.m. EST, the Dow Jones Industrials (INDEX: ^DJI ) were up just 40 points to 12,990, while the S&P 500 (INDEX: ^GSPC ) rose five points to 1,366.
Alcoa (NYSE: AA ) was the biggest gainer in the Dow, rising almost 3% in morning trading. The company is arguably one of the most economically sensitive to Europe among Dow stocks, as excess capacity and low margins have put a big squeeze on the industry lately.
Pfizer (NYSE: PFE ) rose slightly as the Financial Times reported that the company is looking at the potential for a partial IPO of its animal health division. The business, whose value is estimated at as much as $18 billion, has been the target of speculation about a spinoff or sale for a while, but the company is looking for the best way to divest itself of the business without triggering unnecessary tax liability.
On the analyst front, General Electric (NYSE: GE ) rose more than 1% after Citigroup took the industrial giant off its list of top picks but pushed up its price target for GE from $22 to $24. GE also stands to gain from a possible recovery in Europe.
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