Stocks gain more than 1%

Written By limadu on Senin, 19 November 2012 | 23.10

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NEW YORK (CNNMoney) -- U.S. stocks rallied Monday as investors started the holiday-shortened week optimistic that fiscal cliff negotiations in Washington are progressing.

The Dow Jones industrial average jumped more than 150 points, or 1.2%, with financial stocks Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) leading the way. The S&P 500 and Nasdaq added about 1.5% each.

Two better-than-expected reports on the housing market also gave markets a lift. Existing home sales rose 2.1% to an annual rate of 4.79 million in October, despite the impact of Superstorm Sandy. That compares with analysts' estimates for a rate of 4.70 million. And the National Association of Home Builders' sentiment index rose for a seventh straight month to 46, its highest level since May 2006. Analysts were expecting a reading of 42.

Gains, however, may be tempered by escalating violence in the Middle East between Israel and Palestinian group Hamas. Oil prices have been ticking up amid growing concern about a possible ground war in Gaza.

Crude oil for January delivery rose 2.4% to almost $89 a barrel. Brent crude -- Europe's benchmark -- gained more than 2% to top $111 a barrel.

Trading could be choppy this week as investors try to position themselves ahead of the Thanksgiving holiday. Markets will be closed Thursday and have a shortened day Friday.

World Markets: European stocks were higher in afternoon trading. Britain's FTSE 100 rose 1.9%, and France's CAC 40 was up 1.1% while the DAX in Germany gained 2.2%.

Asian markets closed higher. The Shanghai Composite edged up 0.1%, while the Hang Seng in Hong Kong was up 0.5% and Japan's Nikkei rallied 1.4%.

Economy: The National Association of Realtors will release data on existing home sales for October at 10 a.m. ET.

Companies: Shares of Intel (INTC, Fortune 500) slipped slightly after the company said CEO Paul Otellini will retire in May. The board of directors will conduct a search for his successor.

Shares of Lowe's (LOW, Fortune 500) gained ground after the home improvement retailer reported better-than-expected earnings of 40 cents a share on sales of $12.1 billion.

Nokia (NOK) shares jumped on reports that its Lumia 920 sold out in Germany, and shares of Best Buy (BBY, Fortune 500) jumped on a report that the retailer might consider a lower buyout bid from founder Richard Schulze.

Shares of Lions Gate Entertainment (LGF) and a number of movie theater chains, including Regal Entertainment Group (RGC), Cinemark Holdings (CNK) and Carmike Cinemas (CKEC), could get a lift from a the $141.3 million opening weekend for "Twilight: Breaking Dawn Part 2." It's the fourth movie this year to open above the $140 million mark.

Fear & Greed Index

Currencies and commodities: The dollar was lower against the euro, the British pound and the Japanese yen.

Gold futures for December delivery gained $115.30 to $1,730 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, lifting the yield to 1.62% from 1.57% late Friday. To top of page

First Published: November 19, 2012: 9:41 AM ET


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