Positive earnings help Wall St to reach multi-year highs

The US markets reached multi-year highs boosted by positive earnings. Markets gained further support as President Obama said he wanted to lower the corporate tax rate and eliminate tax loopholes.

Dow Jones Industrial Average added 0.57% or 69.48 points at 12161.63. Nasdaq Composite was up 0.53% or 14.69 points at 2783.99. Standard & Poor's 500 rose 0.62% or 8.18 points at 1319.05. The euro reversed losses against the dollar gaining slightly as ECB President Trichet signaled that no immediate interest rate hike was planned, stating inflation would remain contained. Oil prices fell to a 1-week low, settling at around USD 87 per barrel mark as Egyptian tensions subside, reducing concerns over supply disruptions. In the precious metals space, gold traded around USD 1348 mark, falling slightly as investor sentiment towards the equity market outweighs the demand for gold.