Economic data, earnings lift US stocks

US stocks enjoyed a week of solid gains following a batch of good economic data and mostly strong corporate earnings as concerns about geopolitical hotspots ebbed somewhat. At the weekend, the Dow Jones Industrial Average leaped 338.31 points (2.03 per cent) to 17,001.22. The broad-based S&P 500 advanced 33.34 (1.71 per cent) to 1,988.40, while the tech-rich Nasdaq Composite Index jumped 73.62 (1.65 per cent) to 4,538.55. Worries over Ukraine geopolitics returned to markets Friday, when Russia sent a convoy of trucks into Ukraine without authorisation. The action was condemned by Kiev and drew threats of fresh US sanctions. But analysts said the market’s overall upward bent last week showed worries had receded after violence in Iraq and tit-for-tat sanctions between the West and Russia over Ukraine had earlier triggered fears of economic havoc. The week's economic data were generally strong. Highlights include a big pickup in existing-home sales, a jump in housing starts, lower unemployment claims, weak consumer inflation and a strong improvement in the Conference Board's index of leading economic indicators, according to a news agency.