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February 04 2013, 06:43AM

The stock market in New York has closed HIGHER, with the Dow industrials closing above 14,000 for the first time since October 2007.

The final figures for the Dow Jones Industrial Average were UP 149.21 points at 14,009.79.

The Standard & Poor's 500 index was UP 15.06 points at 1,513.17 and the NASDAQ Composite index closed UP 36.97 points at 3,179.10.

The Australian dollar is trading at 104.05 US cents, UP from 103.99 US cents.

The local currency is worth 96.54 Japanese yen, 76.24 euro cents, 66.29 British pence and 1.2290 New Zealand dollars.

Benchmark crude oil has closed up 28 US cents at $US97.77 per barrel.

The Australia market is set to open HIGHER, with the SPI futures index UP 24 points at 4,903.

The benchmark S&P/ASX200 index on Friday GAINED 42.3 points, or 0.87 per cent, at 4,921.1 points, and the broader All Ordinaries index ROSE 40.9 points, or 0.83 per cent, at 4,941.9 points.

The spot price of gold is $US1,666.70, UP from $US1,662.45 at Friday's Sydney close.