Thursday, December 15, 2011

Wall Street higher on data, FedEx

US and European stocks rose on Thursday as encouraging US economic data and a solid Spanish debt auction reduced fears that the euro zone debt crisis could spark a global recession.

The Dow Jones industrial average was up 69.32 points, or 0.59 percent, at 11,892.80. The Standard & Poor's 500 Index was up 6.57 points, or 0.54 percent, at 1,218.39. The Nasdaq Composite Index was up 6.82 points, or 0.27 percent, at 2,546.13.

European shares rose in thin volume as technical factors pointed to oversold levels, while a Spanish bond auction produced good demand and US data helped improve sentiment on the global economy.

The FTSEurofirst 300 index closed up 1 percent at 961.75 points after falling 2.1 percent in the previous session to hit a two-week low. The index is on track to end the week 2.4 percent lower.

Japan's Nikkei share average fell to a two-week closing low, breaking below its 25-day moving average as worries about European debt woes hit risk appetite, with investors looking to a Spanish debt auction later in the day.

The benchmark Nikkei fell 1.7% to 8,377.37, dropping below its 25-moving average, which is now a resistance point around 8,488. The broader Topix index lost 1.6% to 725.02.