Wall Street gains on strong earnings and positive mfg data

ALSO READ See how Asian markets are doing

In the US markets, the Dow kicked off February with a triple digit gain after some strong earnings report and a positive manufacturing report. Also Read - How ADRs performed

Energy stocks were among the day's biggest gainers after Exxon Mobil reported its profit fell 23% but still beat Wall Street estimates.

The Dow added 118.20 points, or 1.2%, to 10,185.53. The broader Standard & Poor's 500 Index gained 15.32 points, or 1.4%, to 1,089.19. The Nasdaq Composite Index advanced 23.85 points, or 1.1%, to 2,171.20.

In encouraging economic data, the ISM manufacturing index for January hit a 5 year high of 58.4, which is stronger than expected 55.5. Personal income and spending rose, while construction spending fell 1.2% for the month of December.

Also, the white house yesterday revealed its 2010 budget, which showed the deficit is likely to soar to 1.56 trillion dollars this year, but falling to half that by the time President Obama's term ends in 2012.

In currency markets, the dollar shed weight against the euro after a stronger-than-expected euro zone purchasing managers index report pushed the euro higher, snapping four straight days of declines. The dollar index is currently trading above the 79 mark.

In commodities, after falling to the lowest price in 10 weeks yesterday, copper has rebounded and gained more than a percent. In other metals zinc gained, but some others like nickel and tin saw deep cuts.

Crude prices rose more than 2% towards USD 75 after a stronger US manufacturing data.