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What Happened in the Stock Market Today
On a strong day for the market, shares of NRG Energy surged on a restructuring plan, and PayPal struck a deal with Apple.
NRG Energy's stock rockets to biggest-ever one-day gain
NRG Energy Inc.'s stock rocketed to its best-ever one-day percentage performance Wednesday, after the power plant operator revealed a "transformation plan" aimed cutting costs, slashing debt and selling assets. The stock closed up 29.39%, the biggest one-day gain since it came out of bankruptcy in late 2003. Volume ballooned to 47.4 million shares, about 11 times the full-day average. The previous biggest rally was 29.33% on Oct. 20, 2008. The stock closed at the highest level since Aug. 17, 2015. It has now run up 72% year to date, while the SPDR Utilities Select Sector ETF has gained 6.8% and the S&P 500 has climbed 9.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
NRG Energy plans up to $4 billion in asset sales
Loss-making power utility NRG Energy is seeking to cut debt and lower costs with an up to $4 billion asset sale plan, the company said Wednesday
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