Wall Street closes higher; Nasdaq ends near 11-year high

ALSO READ See how Asian markets are doing

The US markets started off on a high note. Optimism over Greece, after the parliament passed the austerity measures aimed at securing the second tranche of the bailout package boosted investor confidence. The S&P 500 closed above 1350 and the Nasdaq rallied to end near 11-year high.

Dow Jones Industrial Average gained 0.57% or 72.81 points at 12874.04. Nasdaq Composite was up 0.95% or 27.51 points at 2931.39. Standard & Poor's 500 rose 0.68% or 9.13 points at 1351.77.

In economic data to watch out for, US retail sales for January is expected to come out today. Figures are expected to rise to 0.7% as against 0.1% in December.

Import and export prices data for January comes out today. It is expected to improve month on month. Business inventory for December is expected to come out today. It is expected to rise to 0.5% as compared to 0.3% for November.

Ratings agency Moody's has downgraded 6 EU countries including slashed Italy, Portugal and Spain. Meantime the AAA credit rating for France and the UK has been kept on negative watch.

The downgraded the outlook for these three nations including France, the UK and Austria on account of specific credit pressures that would exacerbate the susceptibility of these sovereigns' balance sheets."

In the currency space, the euro is muted in early Asia trade today. The dollar index is steady around 79 dollars.

In the commodity space, crude prices declined marginally from yesterday's levels. Brent crude is around USD 117.