U.S. stocks surge on hope for a debt deal Dow en

U.S. stocks surge on hope for a debt deal
Dow ends up 208 points in best session for equities since Sept. 6
NEW YORK (MarketWatch) — U.S. stocks rallied Monday, notching their best session in more than two months, on upbeat housing data and increasing confidence that a U.S. budget deal would be reached.

“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 J.P. Morgan Funds, about efforts to avoid automatic tax increases and spending cuts scheduled to begin in January.

The Dow Jones Industrial Average (DJI JIA) added 207.65 points, or 1.7%, to 12,795.96, with all of its 30 components rising. Cisco Systems Inc. (NASDAQ:CSCO) rose 1.7% after it said Sunday that it would acquire Meraki Inc. for $1.2 billion

The S&P 500 Index (NYSE:S) climbed 27.01 points, or 2%, to 1,386.89, with its consumer sectors the best performing among its 10 industry groups.

The Nasdaq Composite Index (NASDAQ:COMP) gained 62.94 points, or 2.2%, to 2,916.07.

The session had all three indexes gaining the most since Sept. 6, when the market rallied on European Central Bank President Mario Draghi’s plan to rescue the euro.

For every stock that fell more than seven gained on the New York Stock Exchange, where nearly 711 million shares traded. Composite volume topped 3.3 billion.

The U.S. dollar (NYE XY) fell against other global currencies as commodities rallied.

Gold futures for December delivery (CNS:GCZ2) rose $19.70, or 1.2%, to $1,734.40 an ounce and crude oil for January delivery (NMN:CLF3) climbed $2.36, or 2.7%, to $89.28 a barrel.

Stock indexes continued to rally after the National Association of Home Builders/Wells Fargo index of builder confidence climbed to 46 in November from 41 the previous month.
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