Euro Economic Crisis - Confined to Eurozone or Spreading Global?

News just out that the US markets had a surge of 3% on Tuesday due to:

1) US data showing a surge in new housing start
2) Strong encouraging news on Germany's economy
3) Reports of a Greek deal with private debt holders

Now is this a bear trap? And how does the other economy outside of the US and Eurozone doing?


As of this writing (data from Bloomberg):


TSX : +1.14%
BOLSA : +0.13%
BOVESPA : -0.42%
TA 25 : +1.74%
TOP 40 : +1.08%
NIKKEI : +0.29%
KOSPI : +1.15%
ASX 200 : +0.47%
STI : +0.91%