NEW YORK (Reuters) - Stocks rose in a late rally on Wednesday as unexpectedly strong housing and durable goods data fueled hopes the economy is finally on the mend, offsetting concerns the United States may struggle to fund plans to pull the economy out of recession.
Trading was volatile as poor demand in a U.S. Treasury auction poured cold water on an early rally sparked by the reassuring economic data. But by the end of the session much of that disappointment had worn off, traders said, as investors bet the economy was improving and stocks would continue rising from recent 12-year lows.
Homebuilder shares .DJUSHB rose 2.2 percent after new home sales rose at their fastest pace in 10 months in February, adding to recent data showing signs of hope in the battered housing sector. Consumer stocks also rose, with McDonald's Corp (MCD.N) gaining 2.9 percent.
Big manufacturers like Boeing Co (BA.N) advanced after U.S. orders for long-lasting manufactured goods unexpectedly rebounded in the same month.
"A lot of people want to think we've seen the bottom of the economic cycle," said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut, "but they are still skittish," he added in reference to the day's volatility. more...
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