4:30 pm : Stocks sported solid gains for the entire session as a batch of positive news items brought buyers into action. However, afternoon trade became rather subdued as the stock market entered a familiar sideways drift.

Global indices got an overnight lift from news that Abu Dhabi has supplied Dubai's corporate flagship, Dubai World, with $10 billion. Several weeks ago Dubai World had requested to freeze its debt payments amid a lack of liquidity. By doing so, Dubai World had rekindled concern about the security of global credit markets.

On a related note, Standard & Poor's lowered its foreign currency sovereign credit rating and local-currency credit rating on Mexico. The announcement follows several other downgrades and cautionary comments made by ratings agencies in the last two weeks.

Speculation of a pick up in merger and acquisition activity helped win support for stocks this session. That was caused by a move by ExxonMobil (XOM 69.69, -3.14) to acquire XTO Energy (XTO 47.86, +6.37) in an all-stock transaction valued at $41 billion. Since that values XTO at $51.69 per share, a premium of roughly 25% over its closing price this past Friday, several related plays in the oil and gas exploration industry (+6.4%) garnered support. Integrated oil and gas stocks (-2.1%) fell out of favor, though, and hampered the broader energy sector (+0.2%).

6:31PM Brigham Exploration announces Williston 25-36 #1H Bakken well produces at initial rate of ~3,394 BOEPD (BEXP) 11.65 0.52 : Co announced that its operated Williston 25-36 #1H produced approximately 3,394 barrels of oil equivalent per day (2,769 Bopd and 3.75 MMcf/d) from the Bakken formation during an early 24 hour flow back period. The Williston was completed with 32 frac stages and represents Brigham's highest reported 24 hour flow back rate in the Williston Basin. Thus far, Brigham's nine long lateral high frac stage Bakken and Three Forks wells have averaged an early peak production rate of ~2,066 barrels of oil equivalent per day. Brigham maintains an approximate 35% working interest in the Williston, which is the fifth well completed under the drilling participation agreement with U.S. Energy Corp. (USEG). BrXP's 's interest in the Williston is anticipated to increase to X% upon payout of the first six wells in the drilling participation agreement.

6:23PM Exxon Mobil: Fitch reports that XOM's Ratings unaffected by announced XTO acquisition (XOM) 69.69 -3.14 : Fitch Ratings anticipates that ExxonMobil (XOM) acquisition of XTO Energy (XTO) will not impact ExxonMobil's ratings. Under the terms of the deal, ExxonMobil will exchange 0.7098 shares per XTO share. The total transaction value is estimated at $41 billion and includes the expected assumption of approximately $10.4 billion in XTO debt by ExxonMobil. Closing is anticipated in the second quarter of 2010 and is subject to XTO shareholder approval and regulatory review.

6:18PM Wells Fargo lifts to $26.20 in extended hours after disclosing plans to repay TARP (WFC) 25.49 +0.08 :