Stocks Ramp on Eurozone Calm, Strong Housing Data
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Stocks are surging higher Tuesday on relative calm in Europe and positive economic data in the US.
Shortly after 11AM ET, the Dow is up 277 points, the S&P 500 is up 30 and the Nasdaq is up 71.
Housing, a major drag on the economy over the last several years, may finally be showing signs of life. Data this morning showed initial production of homes increased 9.3 percent to an annual run-rate of 685,000 in November, the highest level since April of 2010. The number easily surpassed the 635,000 economists had expected.
In Europe, German business and consumer confidence surprisingly rose in December. In addition, Spain had a successful auction of debt. The country raised €5.6 billion by selling short term notes at 1.74 percent. This was a sharp drop form the 5.1 percent investors were demanding just one month ago.
Shortly after 11AM ET, the Dow is up 277 points, the S&P 500 is up 30 and the Nasdaq is up 71.
Housing, a major drag on the economy over the last several years, may finally be showing signs of life. Data this morning showed initial production of homes increased 9.3 percent to an annual run-rate of 685,000 in November, the highest level since April of 2010. The number easily surpassed the 635,000 economists had expected.
In Europe, German business and consumer confidence surprisingly rose in December. In addition, Spain had a successful auction of debt. The country raised €5.6 billion by selling short term notes at 1.74 percent. This was a sharp drop form the 5.1 percent investors were demanding just one month ago.
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