US markets end higher hitting multi year highs

The US markets ended higher hitting multi year highs. The S&P 500 has now more than doubled its 2009 lows.

Dow Jones Industrial Average was up 0.5% or 61.53 points at 12288.17. Nasdaq Composite gained 0.76% or 21.21 points at 2825.56. Standard & Poor's 500 rose 0.63% or 8.31 points at 1336.32.

Economic data had little impact on sentiment in the US though, minutes from the latest FOMC meeting, even though the record indicated that the Fed has raised its economic forecast and noted that risks to GDP growth have diminished.

The core producer price index excluding volatile food and energy prices rose 0.5% in January, compared with a 0.2% gain in December.

Housing starts rose 14.6% to a seasonally adjusted annual rate of 596,000 units. Housing permits however fell 10.4% to a 562,000 unit pace last month after a 15.3% gain in December. US industrial output fell 0.1% from an upwardly revised 1.2% gain in December.

In the economic data to watch out for, the US consumer price index is expected to come in at 0.3%. It was at 0.5% in December. Initial jobless claims for the February 11 week are expected to correct from its previous 2.5 year low to 410,000 from 383000.

In the currency space the dollar sank on news that Iranian warships were en route to Syria rekindling geopolitical tensions in West Asia.

Meanwhile oil prices soared on geo-political tension in West Asia. This is after Israel's foreign minister said Iran planned to send two Iranian warships through the Suez Canal en route to Syria.