U.S. stocks soar on bullish data; DOW surges 2.87%
Published Dec 20, 2011 04:34PM ET
At the close of U.S. trade, the Dow Jones Industrial Average soared 2.87%, the S&P 500 jumped 2.98% and the Nasdaq Composite index advanced 3.19%.
U.S.Housing starts soared higher than any time in the last 19 months signaling a potential end to the U.S. housing crisis increasing the optimism of the stock rally.
Germany reported positive confidence numbers and Spain's note auction had strong results, adding to the worldwide bullishness.
Homebuilders soared on the bullish housing data with Pulte Group climbing 10.38% and Lennar advancing 6.32%
Banks also participated in the rally with J.P. Morgan leading the Dow higher climbing 4.92%, and Bank of America advancing 3.71%
On a bearish note, Red Hat fell 9% after the Linux operating system seller missed analysts deferred revenue estimates.
Across the Atlantic, European stock markets were also higher with the EURO STOXX 50 adding 2.70%, France's CAC 40 climbing 2.73%, while Germany's DAX 30 advanced 3.11%. Meanwhile, in the U.K. the FTSE 100 traded higher by 1.02%.
Wednesday, investors are awaiting additional housing data and crude oil stockpiles.
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Written By: Investing.com
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