It was a big day for the Big Board.
Shares of the
New York Stock Exchange
soared to a record high on Friday, rising more than 10% during the late afternoon.
Trading was frenzied in Big Board share. By day's end, over 11.8 million shares had changed hands. On a typical day, 1.7 million shares are traded.
The NYSE's previous record high came in March.
also made significant gains on Friday. Shares of the exchange rose $1.78, or 4.9% to $37.79.
A confluence of events contributed to NYSE's surge in share price.
The exchange's parent company, NYSE Group, is set to vote on its cross-Atlantic deal with Euronext in a few weeks.
The shares also may have gotten a boost from bullish comments by James Cramer on his 'MadMoney' television show on CNBC. Cramer, who is the co-founder and major shareholder of
, said the stock should rise to $250 in a couple of years.
NYSE's strategic initiatives also seem to be bearing fruit. Last month the exchange began to roll out its hybrid market, which combines electronic trading with auction-style floor trading.
NYSE is also continuing to cut costs. It plans to save $200 million in expenses from the acquisition with Archipelago and said it is on track to realize $100 of cost saves by the end of this year. On Wednesday, the exchange announced it would reduce its employee headcount by 17% by cutting 400 employees and 120 full-time consultants.
A spokesman from NYSE was not immediately available for comment.
Shares of NYSE rose $6.92, to $94.48, but fell 12 cents, to $94.36 in aftermarket trading.