Midday Report: Seagate Surges on Job Cuts; U.S. Stocks Rally

The S&P 500 and Dow Jones Industrial Average both hit new intraday records as Wall Street continued to celebrate an improving outlook for the U.S. economy. A surge in crude oil also supported the rally. Xerox (XRX) - Get Report  was on the move on reports it is pursuing a deal with R.R Donnelley & Sons (RRD) - Get Report . Xerox would likely acquire the printing company and then split it among its business units ahead of a planned split into two publicly-traded entities.  Seagate Technology (STX) - Get Report  rocketed higher after announcing plans to cut 14 percent of its workforce by the end of 2017. The job cuts amount to roughly 6,500 positions.  Chesapeake Energy (CHK) - Get Report  surged after Piper Jaffray boosted its rating to NEUTRAL from UNDERWEIGHT. Analysts said its risk of default was lower after completing nearly $1 billion worth of divestitures.