US Stocks rallied Tuesday, with the Dow, Nasdaq and S&P 500 ending at new 18-month highs following the release of a better-than-expected existing home sales report that suggests a slow economic rebound.
The Dow Jones industrial average (INDU) rose 103 points, or 1%, according to early tallies, ending at 10,888.83, the highest close since 11,143.13 on Sept. 26, 2008.
Stocks initially struggled out of the gate Tuesday, but turned higher following the release of the housing report, which showed existing home sales fell in February from January levels, but still topped estimates.
Analyst said "The recent uptick has been more a function of less bad news rather than a lot of good news. The unemployment, the weakness in housing and the possible spread of Greece's debt problems remain worries for investors, but they've been pushed aside for the time being
In London, the benchmark FTSE 100 index closed up 29.09 points, or 0.52 per cent at 5,673.63 points.
FRANKFURT - The Dax added 29.77 points, or 0.5 per cent, to end the session at 6,017.27 points.
PARIS - The CAC 40 rose 24.55 points, or 0.63 per cent, to 3,952.55.
Oil prices drifted before closing higher, as rising stock prices waged a tug-of-war with the stronger dollar and signs of lacklustre energy demand.
Benchmark crude for May delivery reversed earlier losses to gain 31 US cents to settle at $US81.91 a barrel on the New York Mercantile Exchange.
The Australian share market is expected to open stronger after gains on Wall Street and with higher precious metal and oil prices.
At 0649 AEDT on the Sydney Futures Exchange, the June share price index contract was 33 points higher at 4,929 points.
In economic news on Wednesday, the Department of Education, Employment and Workplace Relations releases its skilled jobs vacancies report for January.
GOLD up $4.20 to US$1,103.70 an ounce SILVER up 9.2c to US$ 17.027 an ounce COPPER down .15c at US$3.3790 a pound
Today's Financial Calendar March 24 2010
NZ current account, Q4 Australia skilled vacancies, Mar EU new industrial orders, Jan US new home sales, Feb US durable goods orders, Feb US Treasury 5-year note auction (US$42bn) (PPC) - Ex-Div. 4c (PRT) - Ex-Div. 1.2c
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