Johnson & Johnson (NYSE: JNJ) has had its ups and downs this year, to put it tactfully. Happily for the consumer goods and healthcare giant's shareholders, Wednesday was definitely an up day. The company's share price rose by more than 2%, well outpacing the S&P 500 index's 0.3% gain, on the launch of a new investor-pleasing initiative. 

Before the trading day opened, Johnson & Johnson announced that its board of directors has authorized a $5 billion share repurchase program for the company's common stock. The program has no expiration date, although it could be suspended or even canceled by the company at any time. As is typical for such initiatives, Johnson & Johnson said it will repurchase its own stock from time to time, at its own discretion.

The company added that the purchased stock "will be available for general corporate purposes," without getting more specific.

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Source Fool.com