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Encouraging data on the U.S. economy and housing market helped put U.S. stock indexes on track for a higher close in late-afternoon trading Tuesday. The broad rebound followed even bigger gains in Europe as global markets recovered from a two-day rout triggered by Britain's vote to leave the European Union.
Impatient European leaders pressed a humiliated Prime Minister David Cameron on Tuesday to speed up Britain's divorce from the EU, warning that the UK cannot expect special treatment outside the bloc. Five days after Britons shocked the world by voting to leave the 28-nation EU, British domestic political chaos spiralled with the leader of the opposition Labour party losing a no-confidence vote but refusing to resign. US President Barack Obama warned however against "hysteria" as stock markets and the pound staged a tentative recovery after days of losses that saw sterling slump to a 31-year low.