Stock Market Update: Dow sees best close since May
Dow +208.44 at 10674.38, Nasdaq +40.66 at 2295.36, S&P +24.26 at 1125.86
[BRIEFING.COM] Positive data and bank earnings out of Europe set the tone for a strong buying effort, sending the major U.S. indices to gains between 1.8% and 2.2%.Confidence in Europe’s economy and financial system was bolstered by solid PMI readings throughout the continent and strong income growth by BNP Paribas and HSBC (HBC 53.76, +2.68). The continent’s major bourses climbed between 2% and 3% in response. In other overseas action, China’s Shanghai Composite and Hong Kong’s Hang Seng each rallied more than 1% overnight. In contrast to Europe’s bourses, their gains came amid a weaker-than-expected PMI reading.