Jobs data, earnings by eBay lift Wall St to 5-yr high

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Reuters: New York, Jan 18 2013, 01:52 IST

Wall Street rose on Thursday, with the S&P 500 climbing to a five-year intraday high, on improved housing and jobs data along with better-than-expected results from online marketplace eBay.

The data showed the number of Americans filing new claims for unemployment benefits fell to a five-year low last week, while groundbreaking for homes rose to the fastest pace in four years last month.

Strength in the housing and labor markets is key to sustained growth and higher corporate profits. Job market improvement helps stimulate consumer spending while a recovery in housing means more purchases of appliances, furniture and other household goods as well as a source of employment.

The Dow Jones industrial average gained 82.97 points, or 0.61 per cent. The S&P 500 Index advanced 8.31 points. The Nasdaq Composite Index rose 17.12 points, or 0.55 percent, to 3,134.66.

EBay’s shares rose 3 per cent to $54.47 a day after it reported holiday quarter results that just beat Wall Street expectations.

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