Thursday, January 17, 2013

Wall Street hits five-year high on data, eBay

Global equity markets rallied today, with the S&P 500 index closing at a five-year high, while the dollar pared losses against the euro as surprisingly strong US housing and labor market data signaled strength in the world's largest economy.

The Dow Jones industrial average gained 31.80 points, or 0.24 percent, to 13,543.03. The Standard & Poor's 500 Index gained 3.67 points, or 0.25 percent, to 1,476.30. The Nasdaq Composite Index gained 12.66 points, or 0.41 percent, to 3,130.20.

European shares were flat to a touch weaker today after mining company Rio Tinto's took a US$14 billion hit on a pair of deals and chip maker ASML underlined concern over corporate earnings this quarter.

The pan-European FTSEurofirst 300 index was roughly unchanged at 1,160.22 points, while the euro zone's blue-chip Euro STOXX 50 index slipped 0.1 percent to 2,699.06 points.

The Nikkei average recouped early losses and closed marginally higher today after a media report quoted Japan's economic minister as saying his remarks on the yen earlier this week were misinterpreted, lifting exporters' shares before the closing bell.

The Nikkei ended up 0.1 percent at 10,609.64 points, after trading as low as 10,432.97.

The broader Topix rose 0.3 percent to 890.46 in active trade, with 3.93 billion shares changing hands.