U.S. stock markets rose Tuesday morning despite rising yields on benchmark Spanish bonds that point to further financial troubles in Europe.
Benchmark 10-year Spanish bonds were yielding 7.07 percent, higher than most economists consider sustainable. Yields represent the borrowing costs for the government.
In Washington, the U.S. Department of Commerce said home construction starts declined in May compared with April, but permits issued, which points to project starts down the road, rose to their highest level in nearly four years.
In early afternoon trading on Wall Street, the Dow Jones industrial average rose 138.04 points or 1.08 percent to 12,879.86.
The Nasdaq composite index gained 39.81 points or 1.37 percent to 2,935.14.
The Standard and Poor's 500 added 16.41 points or 1.22 percent to 1,361.19.
The benchmark 10-year treasury note fell 14/32 to yield 1.625 percent.
The euro rose to $1.272 from Monday's $1.2575. Against the yen, the dollar fell to 78.91 yen from Monday's 79.11 yen.
In Tokyo, the Nikkei 225 index lost 0.75 percent, 65.15 points, to 8,655.87.
In London, the FTSE 100 index added 1.73 percent, 95.22, to 5,586.31.
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