Dow jumps 337 on housing data Europe- MSN Money: "A big holiday rally erupted today, thanks to a stronger-than-expected report on housing starts and building permits, with stocks seeing their best gains since the end of November.
The Dow Jones industrials ($INDU +2.87%) rose 337 points and closed above 12,000 for the first time since Dec. 12. The Standard & Poor's 500 ($INX +2.98%), which looked headed below 1,200 on Monday, hit 1,241. Gold (-GC) moved above $1,600 an ounce, and crude oil (-CL) was trading above $97 a barrel.
The rally comes with two big caveats. First, much of the day's impetus was short-covering. The Dow fell 100 points on Monday and had fallen in five of the prior six sessions. Second, volume was very light, with New York Stock Exchange volume only reaching 652 million shares. That can turn what would otherwise be smallish moves into something much bigger. "
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