World shares rise on US housing data, earnings

Global stocks rose for a third day on Wednesday, helped by brighter prospects for resolving Spain's debt woes, while better-than-expected housing data and gains among financials lifted most US equities.

The Dow Jones industrial average closed up 5.22 points, or 0.04 percent, at 13,557.00. The Standard & Poor's 500 Index rose 5.99 points, or 0.41 percent, at 1,460.91. The Nasdaq Composite Index gained 2.95 points, or 0.10 percent, at 3,104.12.

Europe's equity market powered to three-week highs, with the Madrid bourse and the banking sector bolstered by news that Spain had escaped a rating downgrade to 'junk' and hopes that it will soon seek a bailout.

The pan-European FTSEurofirst 300 index closed up 0.5 percent at 1,118.62, but stopped short of breaking out of the tight 35 points range it has held since hitting one-year highs in mid-September.

Japan's Nikkei share average gained 1.2 percent today after the yen eased to a one-month low against the euro and dollar, and investors took a sunnier view of earnings.

The broader Topix added 1.1 percent to 740.78 in strong trade, with volume at 115.8 percent of its average over the past 90 sessions.