Wall Street ends higher; Dow, Nasdaq hit multi-year highs

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The US markets rallied with the Dow and the Nasdaq hitting multi-year highs. Robust economic data and reports suggesting that the ECB would agree to exchange their Greek bonds for new ones boosted sentiment.

The Dow rose by about a percent, its highest closing level since May 2008. The Nasdaq logged its best gains since December, 2000. The S&P 500 meanwhile gained 1% finishing at its highest level in about nine months.

Dow Jones Industrial Average was up 0.96% or 123.13 points at 12904.08. Nasdaq Composite rose 1.51% or 44.02 points at 2959.85. Standard & Poor's 500 gained 1.1% or 14.81 points at 1358.04.

In economic data, weekly jobless claims fell to 348,000, lower than what the street estimated. Housing starts continued to move upwards as it rebounded to 699,000, beating estimates.

The producer price index remained subdued month on month for January. The Philadelphia fed survey meanwhile came in at 10.2 for February, up nearly 3 points month on month.

In economic data to watch out for, the consumer price index for January is expected to come out today. Consensus data indicates an uptick in the data.

In the currency space, the euro reversed losses against the dollar to edge stronger after reports that euro zone central banks agreed to exchange the Greek bonds they hold for new bonds as part of a deal to help the debt-laden nation.

In commodities, Brent crude prices rose for a fourth day in a row, topping USD 120 a barrel to eight-month high - on worries about supply from Iran and from the north sea, where output was expected to dip next month.

In the precious metal space, gold remained flat, retracing early losses on drop in dollar and optimism that a Greek bailout deal would be agreed next week.