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DOW UP 130

Sam RoFeb 6, 2013, 01:22 IST

Stocks are surging today, erasing all of yesterday's losses.

Going into the final hour of trading, stock are at their highs of the day.

There isn't too much news out of the U.S. to drive stocks higher.

Earlier today, the CBO released its forecasts for the budget and the economy. The organization projects the federal deficit to fall to $845 billion this year, the first time it's been under $1 trillion in five years.

In Europe, market rebounded sharply after yesterday's political risk-driven sell-off. Yields on Spanish and Italian bonds came down today as well.

Click Here For Full Coverage Of Today's Market Rally >