Small caps open with solid gain
The Russell 2000 (NYSE:IWM) is in the green on news that a major savings and loan company may get a $5 billion cash infusion.
At 10:02 a.m. ET, the small-cap index had added 4.45 points, or 0.62%, to 718.18. The Dow Jones Industrial Average was up 58.13 points, or 0.46%, to 12,667.55.
Futures were pointing higher and stocks small and large opened in positive territory on news that Washington Mutual, Inc. (NYSE:WM) is near a deal to receive a $5 billion boost from a private equity group.
The Seattle, Wash.-based savings and loan company, which has lost much of its market value over the past year, is in final negotiations to receive an investment from TPG Inc., according to news reports before the start of trading.
Shares of coal companies are currently the best-performing industry group. Among the winners is Richmond, Va.-based James River Coal Co. (Nasdaq:JRCC). Similarly, National Coal Corp.’s (Nasdaq:NCOC), stock is also higher.
Meanwhile, Denver, Colo.-based Evergreen Energy Inc. (NYSE:EEE), which transforms coal into more efficient fuel, is also in the green.
