Morning in brief: Dow closes above 13,000 after oil price fall

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US markets continue their recent rally on the back of falling oil prices and good economic data, while Greece approves additional spending cuts.

The Dow closes above the 13,000 mark for the first time since May 2008 after being buoyed by US consumer confidence numbers and sharp fall in the price of oil, the Telegraph reports.

British Airways owner International Airlines Group posts an 80% rise in operating profit to £344m in 2011 after an increase in business travellers and cost savings of about £63m, Sky News says.

The Greek parliament passes another €3.2 billion (£2.7 billion) in spending cuts to secure a second bailout package worth €130 billion from the international community, according to the BBC.

Official figures show India’s economy grew by 6.1% in last three months of 2011 - its slowest pace in years - after domestic demand weakened and the global recovery slowed, Bloomberg reports.

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Will the oil price rise above $50 a barrel this year?