Asian Markets are set to start the day higher after U.S. stocks advanced, extending a two-week rally for the Standard & Poor's 500 Index, after reports bolstered optimism in the American and German economies and Spain's borrowing costs decreased at an auction.
The S&P500 rose 4.58 points, or 0.36%, to 1293.67 with energy and the tech sector's leading the gains. The Dow Jones Industrial Average finished 60.01 points higher, or 0.48%, at 12482.07, while the Nasdaq rose 17.41 points or 0.64%.
Stocks rose as manufacturing in the New York region expanded in January at the fastest pace in nine months. German investor confidence rose the most on record in January. Spanish borrowing costs fell at an auction as investors ignored S&P downgrades last week. China's economy expanded at the slowest pace in 10 quarters, sustaining pressure on Premier Wen Jiabao to ease monetary policy.
The euro rose for the first time in three days against the dollar and the yen as Spanish and Greek borrowing costs fell at auctions, damping concern the region's most-indebted nations will struggle to fund their deficits. The euro gained 0.5% to $1.2735.
Oil rose for the first time in four days as German investor confidence jumped the most on record and as France pushed for faster enforcement of the European Union's proposed ban on oil imports from Iran. Crude for February delivery rose $2.01, or 2%, to settle at $100.71 a barrel.
Gold climbed to its highest price in five weeks, rising in tandem with the euro and equities on technical buying and as lacklustre economic data from China lifted investor hopes for monetary stimulus there. U.S. gold futures settled up $24.80 an ounce at $1,655.60.
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Bloomberg, Dow Jones News