For Stocks, a Shiny New Quarter

Defense contractor Titan (TTN Quote) announced Friday it had been awarded a five-year contract valued at $1.05 billion by the U.S. government. The company will provide engineering, technical and shipbuilding services to the Navy. Shares of Titan were up 2.3% to $14.29.

Shares of Merck (MRK Quote) opened higher after dropping 27% Thursday on news that its arthritis drug Vioxx would be pulled from the marketplace. Shares closed at 33.31, up 31 cents, or 0.94%.

Shares of Bristol-Myers Squibb (BMY Quote) rose after U.S. regulators approved its drug Abilify for the treatment of manic depression, or acute bipolar mania.

Overseas markets were higher, with London's FTSE 100 up 1.9% to 4660 and Germany's Xetra DAX gaining 2.6% to 3995. In Asia, Japan's Nikkei added 1.5% overnight to 10,985, while Hong Kong's Hang Seng was closed for a holiday.