(MENAFN - ProactiveInvestors - Australia) U.S. stocks rallied overnight with the major indexes closing at their highs of the day, following the positive news that fiscal cliff negotiations in Washington are progressing.
By the close the Dow Jones soared 208 points (1.65%) to 12,796, while the NASDAQ jumped 63 points (2.21%) to 2916.
Upbeat housing data
On the economic front, existing home sales rose 2.1% to an annual rate of 4.79 million in October, despite the impact of Superstorm Sandy. That compares with analysts' estimates for a rate of 4.70 million.
The National Association of Home Builders' sentiment index rose for a seventh straight month to 46, its highest level since May 2006. Analysts were expecting a reading of 42.
U.S. Corporate News
In corporate news, Intel (NASDAQ:INTC) said CEO Paul Otellini will retire in May. The board of directors will conduct a search for his successor.
Lowe's (NYSE:LOW) gained ground after the home improvement retailer reported better-than-expected earnings of 40 cents per share on sales of 12.1 billion.
Tyson Foods (NYSE:TSN) shares surged after meat company's outlook topped expectations. The company's chicken business also returned to profitability during the third quarter.
Networking equipment giant Cisco (NASDAQ:CSCO) Monday announced it is buying cloud networking company Meraki for 1.2 billion in cash and retention-based incentives.