The three major U.S. indices were all in the green in midday trading on Friday, climbing in conjunction with rising commodity prices.
While oil prices are still in the green, they have pared some of their earlier gains. West Texas crude was flat at $40.20 midday, while Brent crude prices were up $0.29 to $41.83.
The S&P 500 was up 0.5%, the Nasdaq was up 0.3% and the Dow Jones Industrial Average jumped 0.6%. The Dow's gains this week have wiped out its year-to-date losses.
Financial stocks are helping lead the way higher on Friday with JPMorgan (JPM) rising over 2% after the financial institution announced it is adding $1.8 billion to its stock buyback authorization. The company authorized a separate $6.4 billion buyback last year.
Starwood Hotels (HOT) shares rose nearly 5% on more than six times its average daily volume after reaching a deal to be acquired by Chinese insurance company Anbang for $78 per share. The new deal replaces the merger agreement it had previously struck with Marriott International (MAR).
Adobe (ADBE) shares are up over 6% following the release of the company's latest earnings results. The company earned $0.66 per share in the previous quarter, beating estimates by $0.05 per share.
Media company Viacom (VIAB) has been approached by nearly 40 companies interested in purchasing a minority stake in its Paramount Pictures film and TV studio, according to Viacom CEO Philippe Dauman. Viacom has been shopping a stake in its movie studio division amid falling revenue.
Columbia Pipeline Group (CPGX) was up nearly 6% on 17 times its normal volume after the company agreed to be purchased by TransCanada (TRP) for approximately $13 billion -- or $25.50 per CPGX share. The move comes after President Obama blocked the transcontinental Keystone Pipeline from being built. TransCanada had been lobbying for the pipeline for seven years.
Finally, shares of Tiffany & Co. (TIF) were climbing after beating analysts' top- and bottom-line expectations. Lower gold, silver and diamond prices helped contribute to the company's earnings beat as sales for the period declined 5.6%.