US Stocks rallied overnight, the Dow Jones hitting its highest level in over a year following a stronger than expected housing report, weaker dollar and surge in commodities.
The Dow Jones Industrial Average gained 133 points to 10,451. The S&P500 Index is up 15 to 1,106 and the NASDAQ rose 30 points to 2,176.
In economic news: According to a report by the National Association of Realtors existing home sales jumped 10.1% in October to an annual rate of 6.1 million units. Expectations were for sales of 5.7 million units.
In company news: Shares in soup maker Campbell Soup Company (NYSE:CPB) added 1.41 per cent to $34.60. The company reported better than expected earnings for the quarter and upgraded its outlook for sales and profit for the fiscal year.
Shares in manufacturer of office furniture Steelcase Inc (NYSE:SCS) rose 13.44 per cent to $5.74. According to Reuters Longbow Research has upgraded its rating on the stock to ‘buy’ with a price target of $7.50.
Shares in Chinese solar wafer maker LDK Solar Co Ltd (NYSE:LDK) advanced 6.88 per cent to $8.55. The company reported a profit for the third quarter and forecast sales in the fourth quarter to top expectations.
And shares in provider of communications networking equipment Ciena Corp (NASDAQ:CIEN) lost 8.88 per cent to $12. The company is to acquire the optical networking and Ethernet equipment businesses of Nortel Networks who went bankrupt. The deal is worth $769 million and beats and earlier bid by Nokia Siemens Networks. In the NASDAQ Top 100: NII Holdings was the best performer, adding 6.65% to $30.95 followed by Flextronics and Millicom International. The worst performer was Cephalon shares down 8.64% to $54.46, while Urban Outfitters and Liberty Media also closed lower.
