Markets: Wall Street surges on ECB rescue plan

Stocks on Wall Street rose above 13,000 for the first time since May 7 as the Dow Jones Industrial Average capped an unusually volatile week with a triple-digit jump.

Share prices surged worldwide amid growing expectations that the European Central Bank would soon step up efforts to alleviate the growing crisis in the region.

The Dow gained 187.73 points, or 1.5%, to 13,075.66, the S&P 500 index advanced 1.9% to 1385.97 and the Nasdaq Composite added 2.2% to 2958.09.

The Dow's move was the fifth triple-digit move in six trading sessions and came after a 211.88-point gain on Thursday when ECB chairman Mario Draghi announced the central bank would do "whatever it takes" to keep the eurozone together.

US stocks have held up relatively well in spite of gloomy economy reports. The Dow is up 7% this year.

Other markets: Europe, Asia up
In Europe, Spanish stocks jumped 3.9% and those in Italy advanced 2.9%. Both markets have been battered over worries about the euro and their governments' large debt loads.

The Stoxx Europe 600 index added 1.3% to close at 259.81, ending the week with a 0.6% gain.

The FTSE 100 index rose1.4% to 5,573.16, Germany's DAX 30 index was up 2.8% to 6,582.96 and the French CAC 40 index rocketed 4.1% to 3207.12.

In Asia, Korea led the gains, with the Kospi up 2.6% to 1829.16, its second best increase this year.

The Japanese Nikkei gained 1.5% to 8566.64, Australia’s S&P ASX 200 was up 1.5% to 4209.80 and the Hang Seng Index in Hong Kong advanced 2% to 19274.96.
The Shanghai Composite was 0.1% higher to 2128.76.

Commodities: Oil, gold extend gains
Oil futures extended their recent gains, with crude for September delivery rose 74USc to settle at $US90.13 a barrel in New York.

Over the week, oil lost 1.3% after stumbling 4% on Monday.

Gold futures also extended gains to a third session.

The August delivery contract rose $US2.90, or 0.2%, to settle at $US1618 an ounce in New York.

That was gold’s highest settlement since early July, and one that brought weekly gains of 2.2% to the metal.

Currencies: Euro rises against US dollar
The US dollar turned back down against the euro, touching its lowest level in about three weeks..

A report showing the US economy grew a little faster than expected in the second quarter briefly supported the dollar but the euro continued to drive the market.

It traded at $US1.2300 from $US1.2283 late on Thursday.

The dollar traded at ¥78.62 from ¥78.22.

The UK pound bought $US1.5717 compared with $US1.5687, while the dollar changed hands at 0.9766 Swiss franc from 0.9778 franc.

The Australian dollar rose to $US1.0464 from $US1.0396.