Global markets rallied on Tuesday, despite rising concerns over Spain’s debt troubles. In Asia, expectations for a new stimulus package from China helped boost the region’s indexes. The Shanghai Composite rallied 1.2% to 2389, and the Hang Seng jumped 1.4% to 19055, as infrastructure-related stocks spiked. The Nikkei overcame early losses gaining .7% to 8657, the Kospi advanced 1.4% to 1950, and the ASX 200 climbed 1.1% to 4114.
In Europe, the major indexes rose, while Spain’s IBEX tumbled 2.3% after the country was hit by yet another credit rating cut. The CAC40 surged 1.4%, the DAX advanced 1.2%, and the FTSE gained .7%.
US stocks gained as well. The Dow added 126 points to 12581, the Nasdaq climbed 1.2%, and the S&P 500 rose 1.1% to 1332.
US stocks rise ahead of Bernanke testimony
US stocks closed higher Tuesday after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke.