NEW YORK: US and European stocks hit more than one-year closing highs on Thursday after better-than-expected US jobless claims and durable goods orders drove optimism that the economic recovery is gaining hold, while the dollar slipped after a recent rally.
Oil and gold prices got a boost from the weaker dollar, which makes commodities cheaper for investors using other currencies.
The Dow Jones Industrial Average closed up 53.66 points, or 0.51 percent, at 10,520.10, while the Standard & Poor’s 500 Index climbed 5.89 points, or 0.53 percent, to 1,126.48. The Nasdaq Composite Index added 16.05 points, or 0.71 percent, to 2,285.69.
In Europe, the FTSEurofirst 300 index of leading shares ended 0.1 percent higher, driven by commodities and bank stocks.
Oil rose nearly 2 percent to top $78 a barrel for the first time in three weeks on Thursday, while spot gold prices gained 1.62 percent to $1,104.30. US crude oil futures settled at $78.05 a barrel, up $1.38. ICE Brent crude futures settled at $76.31, up 86 cents.