Stocks on Wall Street have rallied across the board for a second day, lifting the blue chip index to another 100-point plus gain.The rebound comes after an unexpected rise in pending US home sales and more stronger than expected corporate results.For exam
Stocks on Wall Street have rallied across the board for a second day, lifting the blue chip index to another 100-point plus gain.
The rebound comes after an unexpected rise in pending US home sales and more stronger than expected corporate results.
For example, homebuilder DR Horton produced a surprise quarterly profit, lifting sentiment in the housing sector.
The Dow Jones Industrial Average surged 111.32 points, or 1.1%, to 10,296.85. The S&P 500 index rose 1.3% to 1103.31. All its sectors were in the black, led by industrials.
Meanwhile, the tech-heavy Nasdaq Composite climbed 0.9% to 2190.0.
Alcoa was the Dow's best performer, up 2.8%, after a buy recommendation from Citigroup. American Express gained 1.7% after a Bank of America upgrade. Home Depot rose 1.4%.
Barnes and Noble climbed 6.3% after billionaire Ron Burkle suggested he wants to own more than a third of the book retailer and criticised investment restrictions set up by the company.
Boeing was among the Dow's few decliners, down 0.9%. It is close to scrapping the 787-3, a short-range version of its 787 Dreamliner, after its two Japanese customers opted to convert to the 787-8 version.
Other markets
Canadian stocks rose sharply for a second day, led by energy producers and banks, as a weakening US dollar boosted oil prices above $US75 a barrel.
The S&P/TSX Composite Index rose 86.88 points, or 0.8% to 11,404.43, adding to its biggest one-day surge in two months on Monday.
Royal Bank of Canada added 0.9% as financial shares recorded their best two-day gain this year. Suncor Energy fell 3.3% after reporting net earnings that missed analyst estimates.
European stock markets reversed early losses to close higher, as upbeat economic data and gains in the basic-resource sector offset weakness in oil and gas stocks.
The pan-European Stoxx 600 Index closed up 1% to 250.85. The UK's FTSE 100 Index rose 0.7% to 5283.31, while France's CAC-40 Index ended 1.3% higher at 3812.13 and Germany's DAX gained 1 % to 5709.66.
Australian shares set the pace in Asian markets after the country's central bank surprised traders with its decision to keep rates on hold, as Asian markets.
BHP Billiton climbed 3.2% and Rio Tinto surged 5.3% as resources stocks rallied.
The S&P/ASX 200 added 1.8% to 4605.3. Also rising were Japan's Nikkei Stock Average of 225, which advanced 1.6% to 10371.09 and Hong Kong's Hang Seng Index, which rose 0.1% to 20272.18.
Other indexes declined. South Korea's Kospi fell 0.7% to 1595.81, China's Shanghai Composite lost 0.2% to 2934.71 and Taiwan's Taiex shed 1.3% to 7429.61.
Commodities: Oil, gold up
Crude oil futures traded above $US76 a barrel. Light, sweet crude for March delivery traded $US1.96, or 2.6%, higher at $US76.39 a barrel in New York. Brent crude on the ICE futures exchange traded $US2.03, or 2.8%, higher at $US75.14 a barrel.
Gold futures moved higher on increased market confidence about euro zone debt and White House plans to aid small businesses. April gold was up $US7.40 at $US1112.40 an ounce in New York.
Currencies: Dollar down; euro, yen up
The US dollar fell modestly against the euro and the yen.
Traders are focusing on Wednesday's verdict from the European Commission on Greece's plan to narrow its government budget deficit as well as the European Central Bank's rate-setting meeting on Thursday.
The euro got some support after the yield premium that investors demanded for holding 10-year Greek government bonds over similar German securities narrowed on speculation the EC will endorse Greece's plan.
The yen's gains against the dollar came on the back of falling US Treasury yields.
The euro was at $US1.3957 from $US1.3932 late on Monday. The dollar was at ¥90.41, from ¥90.65, while the euro was at ¥126.19, from ¥126.30.
The UK pound was at $US1.5969 from $US1.5960.
