Wall St: Dow breaks through 13,000

After six days of trying, the Dow Jones Industrial Average closed abobe the 13,000 level for the first time since May 19, 2008.

The morning session was choppy with mixed economic data but the Dow reached the psychological milestone mid-way through the session.

Approaching the close the 13,000 target looked elusive until a late rally pushed stocks over the line.

At the final bell (10am NZ time), the Dow was up 23.61 points, or 0.2%, to 13,005.12. The S&P500 index was up 0.3% at 1372.18, while the Nasdaq Composite was up 0.7% to 2986.76, closer to the 3000 level it hasn't seen since 2000.

Seven of the S&P's 10 sectors were higher, led by technology and materials shares. Among blue chips, Microsoft was up 1.7% while American Express was down 0.8%.

A slew of economic data provided conflicting direction earlier in the session.

The Commerce Department's latest report on durable goods showed orders in January fell at the fastest pace in three years. US home prices fell 3.8% in December from a month earlier, ending 2011 at the lowest level since mid-2006.

The Conference Board said US consumer confidence rose to its highest reading in a year, lifted by a better outlook on the job market.

The Stoxx Europe 600 added 0.2% 264.33. Optimism ahead of the European Central Bank's second long-term refinancing operation and Germany's approval of Greece's bailout package provided support.

Standard & Poor's downgraded Greece's sovereign credit rating to "selective default," a move that was widely expected.

France's CAC 40 was 0.4% higher at 3454.78 and Germany's DAX was up 0.5% at 6882.44. The UK's FTSE 100 index was up just 0.2% at 5926.57.

Asian markets were mostly higher, with Japan's Nikkei Stock Average rising 1.0% to 9722.52, a six and a half-month high.

China's Shanghai Composite added 0.2% to 2451.86, posting its eighth straight gain.

Hong Kong's Hang Seng Index added 1.7% to 21568.73, Korea's Kospi rose 0.6% to 2003.69 and Australia's S&P/ASX 200 index declined 0.1% to 4262.7.

Commodities: Oil down, gold up
Crude-oil prices were weaker, reflecting worries that the lofty prices pose a roadblock for global economic growth and will slow oil demand.

Light, sweet crude oil for April delivery fell 38USc to $US108.19 a barrel in New York, after nearing $US110 on Friday and settling at the highest level since May 3.

ICE North Sea Brent for April was down 75USc at $US123.42 a barrel, after settling on Friday at a 10-month high near $US125.50 a barrel.

Gold futures rose as the US dollar declined. Gold for April delivery added $US14.50, or 0.8%, to $US1789.30 an ounce, rising for the first time since the metal reached a three-month high last Thursday and prices took a hit mostly on profit-taking.

Currencies: Euro bounces
The euro dipped against the US dollar after Ireland's prime minister said the country would hold a referendum on the European Union treaty.

The euro dropped to $US1.3394 shortly after the news, down from $US1.3398 late on Monday, then bounced back to $US1.3453.

Meanwhile, the dollar was at ¥80.49 compared with ¥80.61 late on Monday, while the euro was at ¥108.28 compared with ¥108.01.

The UK pound bought $US1.5879 from $US1.5824, while the dollar traded at 0.8959 Swiss franc from 0.8993 franc.