<p>U.S. stocks rose on Thursday (January 10) and the S&P 500 ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.</p><br /><p>Buying accelerated late in the day after the S&P 500 broke through technical resistance at 1,466.47, which was the market's closing level last Friday and the highest level since December 2007.</p><br /><p>Financial and energy stocks were the day's top gainers. The financial sector index rose 1.4 percent and the energy sector was up 1 percent.</p><br /><p>Analysts cited economic data out of China as the day's catalyst, which showed the country's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown.</p><br /><p>Wall Street's fear gauge, the CBOE Volatility Index suggested markets were relatively calm. The VIX was down 2.3 percent at 13.49.</p><br /><p>At Thursday's close, the S&P sits about 6 percent below its all-time closing high of 1,565.15 hit in October 2007.</p><br /><p>The Dow Jones industrial average gained 80.71 points, or 0.60 percent, to 13,471.22. The Standard & Poor's 500 Index rose 11.10 points, or 0.76 percent, to 1,472.12. The Nasdaq Composite Index added 15.95 points, or 0.51 percent, to 3,121.76.</p><br /><p>Thursday's session had earlier included a dip that traders said was triggered by a trade in the options market that prompted a large amount of S&P futures to hit the market at the same time. That sent the S&P 500 index down rapidly but those losses were reversed through the afternoon.</p><br /><p>Financials benefited from events this week that added clarity to mortgage rules and banks' potential exposure to the housing market.</p><br /><p>The government's consumer finance watchdog announced mortgage rules on Thursday that will force banks to use new criteria to determine whether a borrower can repay a home loan.</p><br /><p>Earlier this week, several big mortgage lenders reached a deal with regulators to end a review of foreclosures mandated by the government.</p><br /><p>Bank of America gained 3.1 percent to $11.78 (USD), while Morgan Stanley was up 3.7 percent at $20.34, one day after sources said the bank plans to cut jobs.</p><br /><p>Shares of upscale jeweler Tiffany dropped 4.5 percent to $60.40 after it said sales were flat during the holidays.</p><br /><p>Herbalife Ltd stepped up its defense against activist investor Bill Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock ended down 1.8 percent at $39.24 after a volatile day.</p>
