US stocks rallied, after positive housing data, and on hopes that the US Federal Reserve will take further measures to stimulate the economy. So the Dow Jones Industrial Average rose 96 points or 0.8%, to 12,837. The S&P 500 added 13 points, or 1%, to 1,358. And the Nasdaq Compostie index gained 34 points, or 1.2%, to 2,930. Investors are awaiting the U.S. Federal Reserve's Federal Open Market Committee's statement later today. In economic news, the US Commerce Department said builders started work on new homes in May at a slightly slower pace. Housing starts fell 4.8% in May, to an annual rate of 708,000–below expectations. But permits for future construction jumped to the highest level in nearly four years. In euro zone news, the German economic expectations, or ZEW survey declined at fastest rate in over a year. And Spanish bond yields were down from recent highs.