US stocks soar on 'cliff' hopes, housing data
Published on Nov 20, 2012 5:55 AM
NEW YORK (AFP) - United States (US) stocks surged on Monday on upbeat housing data and hopes that politicians will find a way to avoid the so-called "fiscal cliff" of automatic tax hikes and spending cuts in January.
The jump was underpinned by Apple, the most valuable public company, which took a 7.2 per cent bounce to US$565.73 (S$692.22), following weeks of losses.
The Dow Jones Industrial Average gained a hefty 207.65 points (1.65 per cent) at 12,795.96.
The S&P 500-stock index advanced 27.01 points (1.99 per cent) to 1,386.89, while the tech-rich Nasdaq Composite leaped 62.94 (2.21 per cent) to 2,916.07.
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