Global stocks rise as some equities post 2009 highs

By Herbert Lash

NEW YORK (Reuters) - Oil prices surged to a fresh six-month high and the U.S. dollar slipped to a five-month low against major currencies on Friday on more evidence from around the world that the economic downturn may be easing.

Global stocks rose and some equities markets posted 2009 highs, eroding the safe-haven allure of U.S. dollar-based assets, and sending the euro to a 2009 high against the dollar.

U.S. Treasury and euro zone debt prices recovered with the help of mixed economic data and relief over a pause in government bond auctions, allowing the 30-year U.S. long bond to recover more than one full point on the day.

Bonds also got a slight safe-haven boost from data showing the U.S. economy contracted at an annual rate of 5.7 percent in the first quarter, a slightly smaller drop than initially estimated but worse than analysts' expectations.

U.S. gold futures rose above $980 an ounce to a three-month high as resurgent risk appetite pummeled the dollar.

The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, surged to nearly a seven-month high as the prices for oil, copper, and corn rallied on a weaker dollar and news suggesting economic recovery was underway.

U.S. light sweet crude oil rose $1.32 to $66.40 a barrel.

The U.S. economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a government report that pointed to moderation in the recession.