U.S. stocks rallied on Wednesday, with the S&P 500 and Nasdaq halting a three-day losing run, after an upbeat report on new-home sales and as investors bet on further monetary stimulus from the European Central Bank.
“The home-sales number was encouraging, and perversely enough Europe was fairly strong. The interpretation is bad news is going to accelerate” further monetary easing moves by the European Central Bank, said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
“We’ve got central banks that are acting as they should and a housing market that is in transition, but improving; the market is going to start to reflect that,” said Art Hogan, chief market strategist at Wunderlich Securities.
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