Stocks on Wall Street hit fresh two-year closing highs as generally upbeat economic data and corporate news continued to flow.FedEx rose 2% after raising its full-year forecast and saying it is more optimistic about the global economy. The freight company
Stocks on Wall Street hit fresh two-year closing highs as generally upbeat economic data and corporate news continued to flow.
FedEx rose 2% after raising its full-year forecast and saying it is more optimistic about the global economy. The freight company reported record volume in overseas business during its second quarter.
On the domestic economic front, east coast manufacturers saw activity surge in December as the Federal Reserve Bank of Philadelphia reported its index of general business activity registered its best monthly reading since April 2005.
The Dow Jones Industrial Average was up 41.78 points, or 0.36%, to 11,499.25 at the close (10am NZ time), its highest closing level since September 8, 2008.
Alcoa led the blue chips higher, adding 3.6%. Bank of America rose 1.9% as it has begun settlement discussions with some of its largest mortgage investors. American Express was the Dow's worst performer, dropping 3.4%.
The S&P 500 index rose 0.6%, to 1242.87, reaching its highest closing value since September 19, 2008. Industrial and material stocks led the gains as all 10 sectors rose.
The technology-oriented Nasdaq Composite gained 0.8% to 2637.31, its 10th advance in the past 12 trading sessions.
Other markets: Europe up, Asia down
Most European stock markets eked out small gains ahead of a crucial European Union summit in Brussels that will focus on the region's roiling sovereign debt concerns.
The Stoxx Europe 600 index gained 0.4% to close at 277.59. France's CAC-40 index gained 0.2% to 3888.36, Germany's DAX index added 0.1% at 7024.40 and the UK's FTSE 100 index eased 0.02% to 5881.12.
Asian markets were mostly weaker. Chinese stocks slipped on lingering worries about monetary tightening by Beijing while shares in Mumbai rebounded after the Reserve Bank of India left interest rates unchanged.
The Shanghai Composite Index fell 0.5% to 2898.14, Hong Kong's Hang Seng Index fell 1.3% to 22,668.78 and Korea's Kospi lost 0.4% to 2009.24.
Among gainers, India's Sensex climbed 1.1% to 19,864.85, Australia's S&P/ASX 200 rose 0.3% to 4783.97 and Taiwan's Taiex added 0.3% to 8782.2.
Japan's Nikkei Stock Average ended little changed, up 0.01% at 10311.29.
Commodities: Oil, gold down
Crude futures pulled back as traders sold off their positions a day after a big draw in crude stockpiles gave prices a boost.
Light, sweet crude for January delivery settled down 92USc, or 1%, at $US87.70 a barrel in New York. Brent crude on the ICE futures settled down 49USc, or 0.5%, at $US91.71.
Gold futures fell as traders booked profits ahead of the new year and weighed a new proposal to curb speculation in the commodity markets.
The most actively traded contract, for February delivery, settled down 1.1%, or $US15.20, at $US1371 an ounce in New York.
Currencies: Euro, pound up
The euro rose marginally against the US dollar ahead of the EU summit.
The euro was at $US1.3232, up slightly from Wednesday's close of $US1.3221. The euro also traded at ¥111.20 from ¥111.32.
The dollar fetched ¥84.03 from ¥84.27. The UK pound was at $US1.5634 from $US1.5544, while the dollar was at 0.9647 Swiss franc from 0.9682 franc.
