Wall Street ends higher on positive economic data

Dow Jones Industrial Average rose 1.67% or 211.88 points at 12887.93. Nasdaq Composite added 1.37% or 39.01 points at 2893.25. Standard & Poor's 500 gained 1.65% or 22.13 points at 1360.02.

On economic data front, weekly jobless claims fell 35,000 to a seasonally adjusted 353,000, dropping to almost a four-year low. And overall durable goods orders jumped 1.6% as demand for aircraft gained. But pending home sales slipped 1.4 in June to 99.3.

In key data to watch today in the US, the US GDP is seen slowing further in the second quarter. Consensus estimates peg growth around 1.2% compared to 1.9% in the first quarter.

The University of Michigan's consumer sentiment index is seen unchanged from early July levels, around 72. This would be a lower reading compared to the 87 readings through May.

In other asset classes, in the currency space, the euro rose to a two-week high of 1.23 to the dollar following ECB Chief Mario Draghi comments, currently up a percent at 1.22. The dollar index slips below the 83 mark.

Brent crude prices continue with gains. Brent currently at around USD 105 dollar levels after touching a high of USD 106.

From the precious metals space, gold rises to USD 1610 levels.