Global shares rise on economy, Spanish auction
Global stocks posted their strongest gains in three weeks and the euro rose on Tuesday on signs of improved economic prospects in Germany and the United States, as well as a better-than-expected Spanish debt auction.
US stocks jumped, led by basic materials shares as commodity prices also rallied. Wall Street also got a boost from a 1-1/2 year high in housing starts and permits for future construction that suggested the housing market was starting to recover.
The Dow Jones industrial average was up 337.32 points, or 2.87 percent, at 12,103.58. The S&P 500 Index gained 35.95 points, or 2.98 percent, to 1,241.30. The Nasdaq Composite rose 80.59 points, or 3.19 percent, to 2,603.73.
The pan-European FTSEurofirst 300 index of top shares closed up 2 percent at 976.27 points, but volume was only 72.2 percent of its 90-day daily average.Japan's Nikkei average rose modestly today as short-term players bought back shares that had been sold after news of the death of North Korean leader Kim Jong-il raised fears about regional instability.
The broader Topix index gained 0.3% to 718.49, with the 700 mark seen as a major support after that level held last month on heavy buying from Japanese trust banks.
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