GE (GE) Stock Crosses Back Over $11 Level

Today, shares of General Electric (NYSE: GE) have crossed over the $11 level for the first time since February 18. The stock most recently traded at $11.01, up 5.7%, or $0.60, from yesterday's closing price. Notably, shares of GE are up more than 15% this week alone.

Traders are likely buying the stock on broader market strength. The Dow is just off session highs, currently up 193 points, while the S&P 500 is up 20 points, or 2.4% to 825. Financials are leading stocks higher on reports that Bank of America's (NYSE: BAC) Ken Lewis expects to begin paying back TARP money sometime next month. That stock is currently up 8.4% to $7.82.

Given recent concerns related to GE's Capital arm, shares of GE have been trading somewhat in-line with financials lately, thus the strength in GE today. Also, GE's Oil & Gas unit won a $300 million contract for China's West-to-East pipeline earlier. Investors may also be buying the stock on this unit-related news today.

You May Also Be Interested In

• SEC accuses ex-BofA senior banker Satsky of insider trading - Bloomberg
• CoStar Group acquires Zonda for $800M, adding new home data
• enVVeno Medical (NVNO) files $100M mixed shelf