Asian Markets are set to open higher after U.S. stocks advanced, snapping a four-day decline in the Standard & Poor's 500 Index, amid signs that manufacturing across the world is strengthening.
The S&P500 rose 1324.09 points, or 0.89%, to close at 1324.09 sectors closing in the green. The Dow Jones Industrial Average finished 83.55 points higher, or 0.66%, at 12716.50, while the Nasdaq gained 34.43 points or 1.22%.
Equities rallied after data showing manufacturing in the U.S. grew at the fastest pace in seven months. Factory indexes in China improved and a U.K. manufacturing gauge jumped to an eight-month high. In Germany, output grew for the first time since September. Manufacturing contracted less than initially estimated in the euro region. A spokesman said Greece expects to complete talks on a private sector debt swap and a second international financing deal for the country in the next days.
The euro rose against the dollar for the first time in three days as a purchasing managers' index of manufacturing output in the region beat analysts' estimates, adding to signs Europe's economy is stabilizing. The Euro climbed 0.6% to $1.3161
Oil declined to a six-week low after the Energy Department reported U.S. inventories climbed more than expected and gasoline demand tumbled to a 10-year low. Crude oil for March delivery fell 87 cents to $97.61 a barrel.
Gold rose as the dollar slipped against the euro and on strong global manufacturing data, while analysts said profit-taking could pressure the precious metal after its biggest January gain in 32 years. U.S. gold futures for April delivery settled up $9.10 at $1,749.50 an ounce.
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