NEW YORK (CNNMoney) -- Bank of America's continued efforts to recapitalize have been able to calm investors' minds in the last few days.
After raising $5 billion from Warren Buffett's Berkshire Hathaway ( ) last week, Bank of America ( , Fortune 500) announced on Monday that it agreed to sell 50% of its stake in China Construction Bank.
The $8.3 billion deal is expected to generate a $3.3 billion after-tax gain for the banking giant. Shares of BofA rose more than 5% on the news and are now 35% above the 52-week low hit last week.
Meanwhile, the Greek stock market rallied 11% on the announcement that the second and the third largest banks in the country agreed to merge. Shares of the National Bank of Greece () jumped more than 30%.
As many parts of the East Coast are rejoicing the return of electricity, shares of major insurance companies charged higher. The damages from Hurricane Irene were much smaller than expected. Allstate ( , Fortune 500) shares rose 6%, while Travelers ( , Fortune 500) was up more than 4%.
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