US SMALL/MIDCAPS-Shares rises, Jamba jumps after Nestle news
NEW YORK Oct 5 (Reuters) - Mid-cap and small-cap stocks were sharply higher on Tuesday, with Jamba Inc (JMBA.O) gaining following news of a renewed partnership with Nestle NESN.VX.
The broader market also rose sharply, with the S&P 500 closing at its highest since mid-May.
Nestle, the world's biggest food group, and Jamba Juice said they are close to renewing a partnership to develop a new line of ready-to-drink energy beverages. Jamba rose 13.2 percent to $2.32. For details, see [ID:nSGE6940IY]
Materials shares as a sector were among top advancers, with Minerals Technologies Inc (MTX.N) up 4.5 percent at $59.82. Shares of Olin Corp (OLN.N) rose 4.3 percent to $20.58.
The S&P MidCap 400 index .MID rose 2.1 percent while the S&P SmallCap 600 index .SML advanced 3 percent. In comparison, the benchmark S&P 500 .SPX gained 2.1 percent.
Shares of Gymboree Corp GYMB.O also gained after sources familiar with the situation said the children's apparel retailer hired Goldman Sachs (GS.N) to begin a formal auction of the company. Gymboree rose 6.4 percent to $51.33.
Also in the retail sector, shares of Skechers USA (SKX.N) gained 7.8 percent to $24.33, while shares of Perry Ellis (PERY.O) advanced 9.1 percent to $23.61. (Reporting by Caroline Valetkevitch; Editing by Padraic Cassidy)