Housing Data Causes Stock Surge

    A stock specialist watches prices on the floor of the New York Stock Exchange on August 4, 2011. The Dow Jones Industrial Average plunged 4.3 percent Thursday, its worst one-day drop in more than two years, as global markets melted down over fears of another world economic downturn. The Dow was down 512.76 points to 11,383.68; the broader S&P 500 lost 4.8 percent to 1,200.07, while the tech-heavy Nasdaq Composite plunged 5.1 percent to 2,556.39.    AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)

    Stan Honda, AFP / Getty Images

    Good news for a financial environment that’s been panicked over the fiscal-cliff debacle. The stock market surged Monday after a new index of home builders showed the group’s confidence level climbing 5 points. It was the biggest surge in two months, after optimistic hints from President Obama that Congress will reach a deal before the fiscal cliff. “It is quite clear both sides want to come to a compromise and that a reasonable compromise is available,” said David Kelly, chief global strategist at JPMorgan Funds.

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