U.S. stocks rallied Monday, boosted by optimism that a Fiscal Cliff deal could be reached in the U.S., while housing data provided additional upside momentum.
U.S. equity averages showed strength throughout the day's session reacting to a statement made over the weekend by President Barrack Obama that he is confident that we can get our fiscal situation dealt with. Stocks rallied late Friday after ranking Senate and House of Representatives members from both political parties said opening negotiations on a deal to prevent a precipitous plunge over the fiscal cliff were "productive."
Despite a slight miss in October, Existing Homes numbers, data still reflected an ongoing recovery in the U.S.'s battered housing market. October Existing Home Sales came in at 4.79 mln vs. the consensus expectation of 4.8 mln, and the NAHB Housing Market Index weighed in at 46 vs. the forecast of 42.
Overseas, markets rallied in response to the positive sentiment circulating in Washington, D.C. In Asia, markets were up across the board, while most major European bourses are posted gains in excess of 2%.
Commodities also finished higher. Gold futures for December delivery rose $19.20 to $1,733.90 an ounce. Crude oil rallied as violence continued between Israel and Hamas. Crude oil for January delivery climbed $2.49 to $89.41 a barrel.
Here's Where The Markets Stood At Day's End:
- Dow Jones Industrial Average up 207.65 (+1.65%) to 12,795.96
- S&P 500 up 27.01 (+1.99%) to 1,386.89
- Nasdaq Composite Index up 62.94 (+2.21%) to 2,916.07
- Nikkei 225 Index up 1.43%
- Hang Seng Index up 0.49%
- Shanghai China Composite Index up 0.11%
- FTSE 100 Index up 2.13%
- DAX up 2.4%
- CAC 40 up 2.68%
- (+) LGND, Shares come off a trading halt and jump sharply after partner GlaxoSmithKline (GSK) announced the U.S. Food and Drug Administration (FDA) has approved PROMACTA for the treatment of thrombocytopenia (low blood platelet counts) in patients with chronic hepatitis C to allow them to initiate and maintain interferon-based therapy.
- (+) HTM, Shares trade higher after company announced that its wholly owned subsidiary, USG Oregon LLC, last week achieved commercial operation at the Neal Hot Springs project located near Vale, Oregon.
- (+) CEDC, Releases Q3 results, finalizes restatement for 2nd quarter 2012.
- (+) USTI, Announces initiatives to enhance liquidity.
- (-) PRGX, Stock trades down after company files $100 mln mixed shelf and 4.75 mln share public offering.
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