Wall Street received a boost from better than expected retail and consumer sentiment data released Friday. A stronger greenback and weak tech sector limited gains.
In economic news, the Commerce Department reported a 1.3% rise in retail sales during November, well ahead of the forecast 0.7% increase.
Meanwhile, consumer sentiment increased from 67.4 to 73.4 according to a University of Michigan index. Forecasts were for a rise to 68.8 points.
The Dow Jones gained 65.67 points, or 0.63%, to 10,471.50, the S&P 500 added 4.06 points, or 0.37%, to 1,106.41 and the NASDAQ dipped 0.55 points, or 0.03%, to 2,190.31.
Financials were mainly higher, with Bank of America and Citigroup gaining 2.8% and 2.1%.
JPMorgan shed 0.8%.
Conglomerates General Electric and 3M rose 2% and 1.3%.
United Technologies closed 2.2% higher after forecasting a 10% rise in profits for the year.
Consumer stocks rallied on the back of the positive data. Macy’s climbed 6.2%, while Target and Sears added 2% and 1.3%.
Walt Disney and Coca-Cola put on 1.3% and 0.9%.
Falls of between 0.2% and 0.9% from tech stocks Apple, Google and Hewlett-Packard led the NASDAQ lower.
IMS Health sank 6.1% on investor concerns that a proposed ban on data-mining could spoil $5.2 billion in sales.
Commodity stocks received a boost from a bullish note on the mining sector from JPMorgan. Alcoa surged 8.2%.
Energy majors Exxon Mobil and Chevron advanced 0.6% and 0.4%.
NYMEX light crude oil for January delivery fell US67 cents to settle at US$69.87 a barrel.
COMEX gold for February delivery fell US$6.30 to settle at US$1,119.90 an ounce.
European Markets
European stocks closed higher for the second successive session. Miners led the gains, while banks struggled on Greek and Spanish debt concerns.
The UK benchmark FTSE 100 added 17.20 points, or 0.33% to 5,261.57. The French CAC40 edged 5.34 points higher, or 0.14% to 3,803.72, while the German DAX put on 47.27 points, or 0.83% to 5,756.29.
BNP Paribas and Societe Generale slid 1% and 1.1%, while in the UK Lloyds, Royal Bank of Scotland and HSBC fell 3.4%, 2.5% and 1.4% respectively.
Deutsche Bank and Commerzbank shed 0.9% and 1.3%.
AXA lost 1.6% on reports the insurer had put he auction of its interest in China's Taikang Life on hold due to concerns some potential buyers may be restricted by regulations. Allianz added 1.7%.
A rise in Chinese industrial output resulted in a strengthening of metal prices. Anglo American, Antofagasta and Xstrata gained between 1.5% and 1.8%.
Aussie peers BHP Billiton and Rio Tinto added 1.4% and 1.3%.
Energy stocks were mixed after the price of crude slid below US$70 a barrel. BP and Total rose 0.3% and 0.6%.
Royal Dutch Shell weakened 0.3%.
Chemicals companies BASF and Bayer gained 1.9% each, while Linde jumped 3.9%.
Japanese Markets
Exporters led a rally on the Nikkei Friday after the yen weakened against all of the major currencies. Financials continued to drag on the expectation shares will be sold at a discount.
The Nikkei 225 advanced 245.05, or 2.48% to 10,107.87.
Nomura Holdings put on 3.4% after Mitsubishi UFJ Securities initiated coverage of the brokerage with a positive rating. Daiwa Securities added 1.7%.
Mitsubishi UFJ Financial weakened 1.5% as it looks to sell shares in an effort to increase capital. Sumitomo Mitsui Financial Group slid 1.3%, while Mizuho Financial Group gained 1.3%.
Automaker Nissan gained 3.9%, while Honda and Toyota added 2.7% each.
Factory automation system maker Fanuc rose 3.4%.
Panasonic and Sony rallied 4.4% and 3.4%.
Kawasaki Heavy Industries climbed 6.3% on reports Japanese technology had been selected for a high-speed rail link in Vietnam. Nippon Sharyo and Mitsubishi Heavy Industries jumped 9.8% and 5.6%.
Hong Kong Markets
The Hang Seng added almost 1% Friday, this time led by property and banking stocks. As is the cyclical nature of the Hang Seng, earlier in the week these sectors were heavily sold in tax and credit concerns.
The Hang Seng climbed 202.07, or 0.93% to 21,902.11.
The Bank of China gained 0.9%.
HSBC, Europe’s largest bank and one-sixth of the Hang Seng Index, climbed 1.8%.
Sun Hung Kai Properties rose 2.5%.
Foxconn International, the world’s number one third party mobile manufacturer, climbed 2.1%.
Esprit Holdings gained 2.7% on increased consumer optimism.
Steel makers also showed strength. Angang Steel, soared 7.1%. Smaller rival Maanshan Iron, surged 10%. Prices of steel were raised on Friday for the first time since September.
New Zealand company, Natural Dairy Holdings jumped 137% after saying it would buy increased production lines.
