Dow hits 12,000 as Wall Street rallies

The Dow and S&P 500 closed at their highest levels since June 2008 and looked poised for more gains after strong earnings and signs of a surge in US manufacturing.

The Dow Jones industrial average gained 148.23 points, or 1.25 percent, to 12,040.16. The Standard & Poor's 500 Index rose 21.45 points, or 1.67 percent, to 1,307.57. The Nasdaq Composite Index added 51.11 points, or 1.89 percent, to 2,751.19.

Strong manufacturing data from the euro zone and US powered European shares to their biggest gains in nearly three weeks, with oil stocks further boosted by rising crude prices.

The pan-European FTSEurofirst 300 index rose 1.4 percent to a two-week closing high of 1,159.80 points.

Japan's Nikkei average edged off a one-month closing low, with oil-related shares up on unrest in Egypt and companies with upbeat earnings such as Honda Motor Co finding favour.

The benchmark Nikkei ended the day up 0.4 percent, or 36.58 points, at 10,274.50, after falling 1.2 percent to a one-month closing low yesterday.

The broader Topix advanced 0.4 percent to 913.52.