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The outlook in Europe was more subdued, though surveys on Tuesday offered evidence that the worst of the downturn in the 17-country euro zone may have passed.
Markit's Eurozone Composite PMI, based on business activity across thousands of companies, and a good gauge of economic growth, rose in January to a 10-month high of 48.6 from 47.2 in December.
The stock market jumped Tuesday following a surge in U.S. home prices and signs of strength in Europe's economy. Strong earnings reports also helped power the gains.
"Despite the general plotline being of renewed European concerns, I do not think the broader economic backdrop has changed materially and yesterday's moves were more position-based than fundamental change," Jack Pollard, analyst at Sucden Financial Private Clients, said.
Yields in Spain and Italy eased after Markit's euro zone composite PMI, which gauges business activity across thousands of companies and is seen as a good gauge of future growth in the currency bloc, hit a 10-month high in January.