Wall St. gains, buoyed by GE divestment plan
The S&P Industrials was up 1.3 percent as the best performing of the 10 major S&P sectors, paced by GE's gain. General Electric jumped 8.7 percent to $27.96 as the most active stock on the New York Stock Exchange, with more than 120 million shares changing hands. “I expect buybacks to continue because a lot of major stocks, including Apple, are undervalued,” Adam Sarhan, chief executive of Sarhan Capital in New York. GE will sell the bulk of its $30 billion real estate portfolio over the next two years as it returns to its industrial roots, with Blackstone and Wells Fargo snapping up most of its assets.