New York, Dec 3 (DPA) US stocks surged Thursday for the second straight session because of positive economic data, this time from the housing and retail sectors.
Sales of existing homes climbed a better-than-expected 10 percent in October, while a number of major retailers posted positive sales entering the holiday shopping season.
The figures offered hope that the US economy, which has been mired in a weak recovery, could be slowly gathering steam. On Wednesday, the rate-setting Federal Reserve reported growth in 10 of 12 US regions.
In Europe, stocks rose sharply after European Central Bank President Jean Claude-Trichet said the central bank would postpone plans to end emergency liquidity measures for European financial firms.
The price of crude oil climbed 1.4 percent to a two-year high of $88 per barrel in New York.
The blue-chip Dow Jones Industrial Average surged 106.63 points, or 0.95 percent, to 11,362.4. The broader Standard and Poor’s 500 index added 15.46 points, or 1.28 percent, to 1,221.53. The technology-heavy Nasdaq Composite Index rose 29.92 points, or 1.17 percent, to 2,579.35.
Stocks climbed more than two percent Wednesday. The Dow posted its largest two-day gain since July.
The US currency slid against the euro to 75.71 euro cents from 76.12 euro cents Wednesday. The dollar dropped against the Japanese currency to 83.84 yen from 84.21 yen.
