* Tiffany shares slide after earnings estimates
* Nokia ADRs rally after results
* Indexes up: Dow 0.4 pct, S&P 0.5 pct, Nasdaq 0.5 pct
By Rodrigo Campos
NEW YORK, Jan 10 U.S. stocks rose on Thursday as
stronger-than-expected exports in China, the world's
second-biggest economy, raised hopes for a more robust recovery
in the global economy.
Data showed China's export growth rebounded sharply to a
seven-month high in December, a strong finish to the year after
seven straight quarters of slowdown, even as demand from Europe
and the United States remained subdued.
Ford Motor shares climbed 3.2 percent to $13.90 after
it doubled its first-quarter dividend to 10 cents a share,
despite a recent drop in market share.
Adding to bullish sentiment, Spanish benchmark government
bond yields fell below 5 percent to a 10-month low
on the back of a strong bond auction that raised more than the
"The market's more positive and it owes a lot of that to the
Chinese economic data," said Art Hogan, managing director of
Lazard Capital Markets in New York. He said the success of the
Spanish auction was also of note.
The Dow Jones industrial average rose 47.75 points or
0.36 percent, to 13,438.26, the S&P 500 gained 6.73
points or 0.46 percent, to 1,467.75 and the Nasdaq Composite
added 14.04 points or 0.45 percent, to 3,119.85.
Data showed new U.S. claims for unemployment benefits rose
last week, though seasonal volatility made it difficult to get a
clear picture of the labor market's health.
Also, U.S. wholesale inventories rose more than expected in
November and sales rose by the most in more than 1-1/2 years.
The market's reaction to both reports was muted.
Several Federal Reserve speakers are due to speak Thursday,
including Kansas City Fed President Esther George and St. Louis
Fed President James Bullard. Market participants are likely to
pay close attention to their remarks following indications, in
the minutes of the latest Fed meeting, that the Fed may halt its
highly stimulative asset purchases this year. The program has
been one of the pillars of the strength in the equity market.
Shares of upscale jeweler Tiffany dropped 4.9
percent to $60.14 after it said earnings for the year through
Jan. 31 will be at the lower end of its forecast.
Molycorp shares dropped 22.3 percent to $8.38 after
it said revenue and cash flow would be lower than expected this
year due to lower rare-earth prices.
U.S.-traded Nokia shares jumped 16.5 percent to
$4.37 after the Finnish handset maker said its fourth-quarter
results were better than expected and that the mobile phone
business achieved underlying profitability.