US mkts hit multi-yr highs led by energy, material stocks

US markets gained hitting multi year highs for the second straight session. Markets rose on the back of energy and material stocks despite pressure on financials post disappointing earnings from Citigroup.

Dow Jones Industrial Average gained 0.43% or 50.55 points at 11837.93. Nasdaq Composite rose 0.38% or 10.55 points at 2765.85. Standard & Poor's 500 added 0.14% or 1.78 points at 1295.02.

In economic data, an index of US homebuilder sentiment in January remained unchanged at a low level of 16 for the third straight month.

The manufacturing index meanwhile showed an uptick in January as shipments surged, the New York Federal Reserve said in a report. The New York Fed's 'empire state' general business conditions index rose to 11.92 in January. Figures for December came at 9.89.

In key economic data to watch out for today, housing starts for December is expected to remain unchanged at 550,000.

In the currency space, the dollar extended losses against the euro as the European currency rallied on upbeat economic data in Germany and positive stock market cues from Europe.

Crude slipped to one-week low at USD 91 per barrel on reports that inventories in developed countries looked relatively comfortable as supplies normalised after operations at the Alaska pipeline resumed.

In the precious metals space, gold cut its losses as it settled above the USD 1368 mark boosted by Asian consumption and a weak dollar.