US markets end higher; crude, dollar slip

In the US markets, stocks overcame some afternoon selling to settle in positive ground. This helped secure the sixth straight monthly gain for both the S&P 500 and the Nasdaq, and the third straight monthly gain for the Dow.

Dow Jones Industrial Average was up 0.79% or 95.89 points at 12226.34. Nasdaq Composite was up 0.04% or 1.22 points at 2782.27. Standard & Poor's 500 was up 0.56% or 7.34 points at 1327.22.

In key US economic data, pending home sales for January fell 2.8% month on month, but is still better than the 3.2% decline that had been expected. The January decline is also softer than the 3.2% slide reported for the prior month.

January personal income increased by 1%, which is stronger than the 0.3% increases that, had been expected.

The Chicago PMI for February climbed to a 20-year high of 71.2. It had only been expected to come in at 67.5 after a 68.8 reading in January.

In the currency space the dollar slipped to a three and half month low against major currencies and is expected to extend losses on speculation that the Fed may continue to support stimulative policy.

In commodities oil prices fell amidst volatile trading as expectations that increased production from Saudi Arabia can offset supply disruptions due to the Libyan violence eased supply concerns.