Asian Markets are set to start the day higher after U.S. stocks rose for a third week, the longest winning streak since October, as better-than- estimated economic data and company earnings boosted confidence in American growth.
The S&P500 rose 0.88 points, or 0.07%, to close at 1315.38 with 9 out of 10 sectors closing higher. The Dow Jones Industrial Average finished 96.50 points higher, or 0.76%, at 12720.48, while the Nasdaq slightly fell 1.63 points or 0.06%.
Technology and energy companies led rallies by nine out of 10 Standard & Poor's 500 Index groups, climbing more than 2.7%. Sears Holdings Corp. added 46% amid speculation it may go private and optimism CIT Group Inc. will approve financing for the retailer's vendors. Bank of America Corp. (BAC) led Dow Jones Industrial Average gains after posting a profit. International Business Machines Corp. increased 5.2% after forecasting earnings that beat analysts' estimates..
The euro rose for the first time in seven weeks after bets the 17-nation currency would weaken reached a record and as member nations' borrowing costs fell at bond auctions, mitigating debt-crisis pessimism. The euro rose 2%to $1.2931, the biggest weekly gain since Oct. 14.
Oil fell to the lowest level in a month as Chinese manufacturing contracted and negotiations to resolve Greece's debt crisis entered a third day, fanning concern that Europe's economy will slow. Crude for February delivery dropped $1.93 to $98.46 a barrel.
Gold's rise was eclipsed by a 4% surge in silver on Friday, with investors optimistic about the technical picture and prospects for a Greek deal soon with private bondholders. U.S. gold futures for February delivery settled up $9.50 at $1,664 an ounce.
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