* Jobless claims fall, consumer sentiment better
* Tiffany jumps on upbeat results
* Indexes up: Dow, S&P 1 pct, Nasdaq 1.4 pct
* For up-to-the-minute market news see [STXNEWS/US]
By Chuck Mikolajczak
NEW YORK, Nov 24 (Reuters) - U.S. stocks climbed on Wednesday after data on the labor market and consumer spending signaled the economy was on an upswing.
U.S. consumer spending rose for a fourth straight month and a key inflation gauge was at a record low, while jobless claims fell more than expected, the government reported.
Also, a private survey found U.S. consumer sentiment rose to its highest level since June. For details, see [ID:nN24211131]
The data helped lift stocks, which had fallen nearly 3 percent since early November after hitting a two-year high. Markets fell sharply on Tuesday on concerns over European debt and tensions on the Korean Peninsula.
"Now you are getting good economic data, and you have a tug of war going on here between an improving economy and geopolitical events," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
"The market is trying to determine how much weight to put on each one of these events."
The Dow Jones industrial average <.DJI> was up 101.79 points, or 0.92 percent, at 11,138.16. The Standard & Poor's 500 Index <.SPX> was up 10.99 points, or 0.93 percent, at 1,191.72. The Nasdaq Composite Index <.IXIC> was up 33.99 points, or 1.36 percent, at 2,528.94.
Wall Street was also boosted by upbeat results from upscale
jeweler Tiffany & Co
Tiffany advanced 4.1 percent to $60.68 after posting quarterly profit and sales that handily beat estimates and forecasting strong holiday sales.
The S&P retail index <.RLX> gained 2.3 percent on bullish prospects for retailers heading into the important holiday shopping season.
Other data showed weakness still remained in the economy, as new durable goods orders had their largest decline in nearly two years and new U.S. single-family home sales fell unexpectedly in October.
Trading volume was light ahead of the U.S. Thanksgiving Day holiday on Thursday. (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)