NEW YORK — Stocks are surging following encouraging signs out of Europe and a jump in apartment building in the U.S. The Dow Jones industrial average jumped more than 300 points.
German business and consumer confidence rose unexpectedly in December, and the Spanish government pulled off a successful debt auction. Both helped to ease worries about Europe's debt crisis.
The Dow surged 312 points, or 2.7 percent, to 12,078 as of 1 p.m. Tuesday. It fell 100 points the day before.
The Standard & Poor's 500 gained 33, or 2.8 percent, to 1,239. Energy and materials stocks made the biggest gains.
The Nasdaq composite index rose 77, or 3 percent, to 2,600.
Europe's major stock markets also climbed. Germany's DAX soared 3.3 percent. France's CAC-40 jumped 2.7 percent.