European Extend Rally On Robust U.S. GDP -- Canadian Commentary

(RTTNews) - European stocks continued to rise Tuesday, with gains in France leading the region. A report showing robust U.S. economic growth kept investors in a cheerful mood ahead of the holiday break.

Reflecting notably stronger consumer spending growth, the Commerce Department released a report on Tuesday showing that U.S. gross domestic product increased by much more than previously estimated in the third quarter.

The Commerce Department said its final reading on third quarter GDP showed a 5.0 percent increase.

Markets have carried over positive momentum after last week's strong gains. It's been the best six-day run for stocks in three years.

Oil stocks are showing signs of resilience since taking a huge beating earlier this month.

However, Greek shares were lower after Greece's prime minister, Antonis Samaras, failed to get the support needed to elect a new president in a second round of voting.

The Euro Stoxx 50 index of eurozone bluechip stocks was up 1.19 percent percent and is now poised to end in the green for 2014.

The German DAX rose 0.57 percent, the French CAC 40 added 1.42 percent, the FTSE 100 index rose 0.33 percent.

Nutreco fell around 5 percent in Amsterdam, after Cargill Inc. dropped its offer for the company.

Novartis AG said it received European approval for the use of a glaucoma eye drop in juvenile patients.

Meanwhile, Vanda Pharmaceuticals reached a settlement agreement with Novartis related to Fanapt. Vanda will regain the U.S. and Canadian rights to Fanapt. Novartis will also make a $25 million equity investment in Vanda. Novartis was down 1.28 percent.

Swiss biopharmaceutical company Actelion Ltd. announced that it has submitted a New Drug Application to the FDA seeking approval for selexipag (Uptravi) for the treatment of patients with pulmonary arterial hypertension. Shares were down 1.7 percent.

Dublin's Avolon Holdings confirmed its previously announced commitment to buy 15 Airbus A330neo aircraft from Airbus Group. Airbus stock was up slightly.

In economic news from Europe, the eurozone leading index increased in November, after declining in the previous month, a report from the Conference Board showed Tuesday.

The leading economic index, which measures the future economic activity, rose 0.4 percent in November, after a 0.3 percent fall in October.