US stocks rose on Thursday, with the Dow Jones Industrial Average gaining 46.02 points, or 0.4 percent, to 12,984.69, its highest level since May 2008.
The rise in stocks came amid a continued flow of positive US economic data on Thursday. Initial claims for state unemployment benefits held at 351,000 last week, the lowest level since March 2008. The Federal Housing Finance Agency reported that home prices rose 0.7 percent in December.
In contrast, the eurozone economy looks set to shrink in 2012. In its latest forecast released on Thursday, the European Commission said that economic output in the euro area will contract 0.3 percent this year. Its earlier forecast was for 0.5 percent growth in 2012.
Among the outperformers in the euro area is Germany, which is expected to grow 0.6 percent this year. Indeed, business confidence rose in February, with the Ifo's business climate index rising to 109.6, its fourth straight increase and the highest reading since July, from 108.3 in January.
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