Wall Street rallies further on budget talk hopes

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November 20, 2012 7:49 AM EST

Wall Street rallied on Monday, with the Nasdaq Composite up 2 percent, as investors were encouraged by the early tone in talks to tackle the U.S. fiscal crunch and by data that showed an advance in the housing sector's recovery.

The Dow Jones industrial average <.DJI> rose 175.82 points, or 1.40 percent, to 12,764.13. The S&P 500 Index <.SPX> gained 23.74 points, or 1.75 percent, to 1,383.62. The Nasdaq Composite <.IXIC> added 56.70 points, or 1.99 percent, to 2,909.83.

(Editing by Dan Grebler)

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Copyright 2012 Thomson Reuters. All rights reserved.

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