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Positive news sends stocks up

Published 12/21/2011, The Jamestown Sun

Encouraging signs out of Europe and a surprisingly strong report on the U.S. housing market drove the Dow Jones industrial average up more than 300 points Tuesday. It was the best day for stocks this month. The Spanish government pulled off a successful debt auction and gauges of business and consumer confidence in Germany rose unexpectedly. Both helped ease worries about Europe’s debt crisis. The dollar fell against the euro and U.S. government bond prices dropped as traders shifted money out of the safest assets.

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