Dow closes 106 pts up, European mkts at multi-year highs

The US markets shaved their gains, but still ended in positive territory led by supportive comments from central banks around the world and a pair of upbeat economic data.

The Dow Jones industrial average gained 106.29 points, or 0.69 percent, to close at a record high of 15,409.39. The Standard & Poor's 500 Index advanced 10.46 points to finish at 1,660.06. The Nasdaq Composite Index was up 29.74 points to end at 3,488.89.
On the economic data front, consumer confidence strengthened in May, jumping to 76.2 from an upwardly revised 69 in April, topping expectations for 71. It was the best level since February 2008.
In Europe, markets closed near multi-year highs, boosted by reassurances from the Bank of Japan and the European Central Bank that ultra-loose monetary policy will continue. In the debt market - Italy’s borrowing costs eased today at an auction of bonds worth 3.5 billion euros. Italy sold bonds due to be redeemed in December 2014 at a rate of 1.113 percent, the lowest interest rate since the euro was created.
France's CAC, Germany's DAX and Britain's FTSE rose between 1.2 percent and 1.6 percent.
On the data front - French consumer confidence slipped from 83 in April to 79 in May; its lowest level since July 2008. The consumer confidence also missed economists' expectations of 85.
In the currency space, the euro was still trading below 1.29 to the dollar. The dollar index was strong above the 84 mark. The rupee closed at 55.47 to the dollar versus 55.41 on Tuesday.
In commodities, Brent crude rose to USD 104 a barrel following upbeat economic data. From precious metals space, gold traded flat at USD 1385 an ounce.