The positive momentum on Wall Street continued overnight following the latest updates on the economy and the US reporting season.

Data revealed manufacturing activity in the New York region has accelerated at a much stronger than expected pace, easing fears over economic growth.

A bumper profit result from Bank of America fuelled the gains on the Street and saw the S&P500 post a new record closing high.

The benchmark index rose nine points (+0.5%) to 1848, the Dow put on 108 points (+0.7%) to 16482 and the Nasdaq added 32 points (+0.8%) to 4215.

In commodity markets, oil rallied to its highest settlement in almost two weeks after data revealed the seventh consecutive weekly drop in US crude supplies.

The big rebound in New-York area manufacturing ignited widespread gains in the greenback, whilst our dollar slipped below 90 US cents and is likely to be heavily influenced today by the latest domestic jobs data.

The December employment report is due for release at 11:30am, AEDT.

Morning Market Update: Positiove Start Ahead is a post from: Australian Stock Report Market Pulse Blog