Why State Street Stock Was Up Big on Wednesday
State Street Corp. (NYSE: STT) saw its stock price surge on Wednesday on what was a down day on Wall Street, at least in the morning. State Street's stock price jumped as much as 10.7% in the morning session and was up about 8.4% as of 11:30 a.m. ET to $80.60 per share.
The major indexes were down slightly on Wednesday morning, with the Nasdaq Composite down 83 points, or 0.7%; the Dow Jones Industrial Average down 72 points, or 0.2%; and the S&P 500 off 14 points, or 0.4%, as of 11:30 a.m. ET.
The market reacted favorably to the news that the custodian bank and asset manager announced that it was boosting its share repurchase plan by up to an additional $500 million this quarter, on an incremental basis. This is on top of the recently completed $1 billion stock buyback plan that was executed this quarter. When you do the math, that's $1.5 billion of stock buybacks this quarter.
Source Fool.com
