Emerging markets lead stocks higher as commodities rise

Thu Mar 3, 2016 5:02pm EST
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By Dion Rabouin

NEW YORK (Reuters) - World stock markets touched a two-month high on Thursday, fueled by gains in emerging markets and a late rally on Wall Street, as concerns about global growth abated and commodities prices extended their recovery.

A measure of emerging-markets shares .MSCIEF rose 1.4 percent for a fifth day of gains, its longest winning streak this year.

U.S. stocks finished higher after lagging most of the day, building on a recent recovery as a rally in energy stocks offset dips in health and technology shares.

The Dow Jones industrial average .DJI rose 44.58 points, or 0.26 percent, to 16,943.9, the S&P 500 .SPX gained 6.95 points, or 0.35 percent, to 1,993.4 and the Nasdaq Composite .IXIC added 4.00 points, or 0.09 percent, to 4,707.42.

MSCI's world equity index .MIWD00000PUS rose 0.8 percent.

Emerging markets were the story of the day with the MSCI emerging markets index MSCIEF on track for its biggest weekly gain since October.

The biggest move came from Brazil's Bovespa index .BVSP, which rose more than 5 percent on news that President Dilma Rousseff could be implicated in a sweeping corruption scandal. That encouraged investors who blame her administration's policies for driving Brazil into what could be its deepest recession ever.

It was the most the Bovespa has risen since October 2009.   Continued...

Traders work on the floor of the New York Stock Exchange (NYSE) February 26, 2016. REUTERS/Brendan McDermid