Wall Street climbed sharply higher on the back of the weak dollar, which pushed mining and energy stocks higher, and good results from a couple of Dow heavyweights.

The Dow Jones 30-share industrial average rose 169 points at 10,268. The broader based S&P 500 rose 19 to 1,094. The tech-heavy NASDAQ was 30 higher at 2,214.

Merck, which recently took over rival Schering-Plough, reported a rise in net income to $6.49bn from $1.64bn last year. Revenue came to $10.09bn, beating estimates of around $9.7bn.

Shares in Kraft Foods, the US food company whose bid for UK chocolate maker Cadbury was accepted last month, dropped after reporting fourth-quarter revenues that came in slightly short of expectations. That makes it one of two fallers on the Dow.

Profits rose to $710m, or 48 cents a share, in the three month ending 31 December from $180m, or 12 cents a share, thanks to lower restructuring costs. Revenue increased 3.2% to $11bn, though organic revenue, which excludes divestitures, acquisitions and currency fluctuations, rose only 0.4%.

Royal Bank of Scotland has sold the metals, oil and European energy business of its RBS Sempra unit to JP Morgan for $1.7bn (£1.1bn) in cash. The UK bank, told late last year by the European Commission to sell the asset for receiving government bailout money, said its share of the cash after US utility group Sempra Energy takes its cut is about 47%.

But there was disappointment that President Obama's plans for a crackdown on proprietary trading appear to have persuaded JPM not to buy the joint venture's American division.

Shares in JP Morgan and Bank of America were higher on the day helped by positive figures from Barclays.

US mall giant Simon Properties Group has offered $10bn, predominantly in cash, to acquire struggling rival General Growth Properties. "Simon is in the unique position of being able to offer General Growth creditors and shareholders full, fair and immediate value", said chief executive David Simon.

Auto parts store operator Genuine Parts reported fourth quarter earnings 22% higher than average estimates.

First Solar, whose share price has been weak this year, beat market expectations for its fourth quarter earnings. Uniform supplier Cintas has forecast third quarter earnings below previous market expectations.

On the economics front, the Empire State index rose to 24.91 in February from 15.92 previously, well ahead of estimates.

Light crude rose by more than $3 per barrel to over $77.

S&P 500 - Risers
International Paper (IP) $24.12 +6.87%
Western Digital Corp. (WDC) $42.58 +6.85%
Genuine Parts Co (GPC) $40.75 +6.70%
Range Res Corp. (RRC) $52.93 +6.69%

S&P 500 - Fallers
Cintas Corp. (CTAS) $23.75 -3.46%
Amazon.Com Inc. (AMZN) $117.53 -1.78%
Unitedhealth Group (UNH) $31.63 -1.71%
Wellpoint Inc. (WLP) $58.46 -1.47%

Dow Jones I.A - Risers
Bank Of America Corp. (BAC) $15.16 +4.91%
Alcoa Inc. (AA) $13.74 +3.46%
General Electric Co. (GE) $16.04 +3.15%
American Express Inc. (AXP) $39.62 +3.12%

Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $17.72 -0.45%
Kraft Foods Inc. (KFT) $28.97 -0.41%

Related shares