GLOBAL MARKETS-Oil prices bounce, boosting energy shares, U.S. stocks

Thu Jan 14, 2016 3:02pm EST
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(Updates with afternoon trading)

* Oil prices rise over 2 pct

* European shares hurt by auto sector

* Dollar rises against basket of currencies

* Prices for Treasuries, gold drop

By Lewis Krauskopf

NEW YORK, Jan 14 (Reuters) - The energy sector led the beaten-up U.S. stock market higher on Thursday as oil prices rebounded from 12-year lows.

Major U.S. indexes climbed about 2 percent after dropping to 3-1/2 month lows on Wednesday. Gains in stocks and oil also helped push the U.S. dollar higher, while the increases in risk assets reduced demand for safe-haven gold and U.S. government debt.

Equity markets have tumbled to start the year as volatility in Chinese shares and the persistent slide in oil made investors jittery about the health of the global economy.   Continued...