* Global stocks highest since Jan. 7
* U.S. shares rise after oil rebound
* Strong U.S. jobs data backs strong economy
(Updates throughout)
By Dion Rabouin
NEW YORK, March 2 (Reuters) - A late bounce on Wall Street,
backed by a rise in oil prices, helped propel a measure of
global equity markets to its highest in nearly two months on
Wednesday.
The move higher in crude futures, which rose about 1 percent
despite a report that showed U.S. stockpiles at a record high,
spurred U.S. stocks to a higher close on the day.
The march upward by oil likely shows selling in the
commodity has "washed out," said Jack Ablin, chief investment
officer at BMO Private Bank in Chicago.
Oil production has hit record levels and the Organization of
the Petroleum Exporting Countries, led by Saudi Arabia, has been
unable to come to an agreement within its ranks or with other
producers to cut or even halt production levels.
Oil prices have continued to rise despite any news of a
reduction in supply or increase in demand, suggesting that
sellers have largely exited the marketplace, Ablin added.
"It doesn't mean go back to the races," he said, "but I
think that uncertainty of how low could it go, at least in many
investors' minds, quite possibly has been answered."
Stocks were also underpinned by a report showing private
sector employers in the U.S. added 214,000 jobs in February,
beating economists' expectations and adding to strong
manufacturing and construction spending data released earlier
this week.
The Dow Jones industrial average .DJI rose 34.24 points,
or 0.2 percent, to 16,899.32, the S&P 500 .SPX gained 8.1
points, or 0.41 percent, to 1,986.45 and the Nasdaq Composite
.IXIC added 13.83 points, or 0.29 percent, to 4,703.42.
MSCI's broadest gauge of the world's stock markets
.MIWD00000PUS rose 0.9 percent to its highest since Jan. 7.
European and Asian stocks rose as stimulus measures in China
and expected easing in Europe renewed global investors' appetite
for risk.
European markets closed up for a fifth straight day, backed
by the prospect of further monetary easing by the European
Central Bank. That five-day growth spurt marked their longest
winning streak in five months.
The FTSEuroFirst index rose 0.7 percent .FTEU3 to a
one-month high of 1341.88.
Investors also continued to take heart from additional
stimulus measures from China, which earlier this week cut its
bank reserve requirements.
Asian stocks rose to a two-month high with Japan's and
China's main indexes both up more than 4 percent.
U.S. Treasury yields rose as the job market data reinforced
the view that the Federal Reserve will raise interest rates
later this year.
Benchmark 10-year Treasury notes US10YT=RR were down 1/32
in price to yield 1.8371 percent, having earlier touched 1.87
percent, the highest since Feb. 5.
The dollar was down 0.55 percent against the yen JPY= , at
113.85 yen, after gaining more than 1 percent on Tuesday.
Gold XAU= rose 0.7 percent to $1,240.38 an ounce as the
dollar turned lower.
Shanghai CSI 300 and global effects interactive https://t.co/YqIYLIbInP
Chinese A-shares vs developed and emerging stocks http://link.reuters.com/rac25w
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