Brazil stocks rally along with global equities

BRASILIA, June 24 (Reuters) - Brazil's stocks rallied on Wednesday in tandem with global equity markets, which benefited from upbeat U.S. data and the European Central Bank's biggest-ever liquidity injection.

The optimism also lent support to emerging market currencies, with Brazil's real (BRBY: Quote, Profile, Research) rising 0.86 percent at 1.964 per dollar. On Tuesday, the real jumped 2.1 percent, its biggest one-day rally in more than a month.

Brazil's Bovespa stock index .BVSP jumped 1.7 percent to 50,658.13 points as European and U.S. stocks rose sharply, but was still down nearly 5 percent on the month.

European stocks jumped more than 2 percent as the European Central Bank poured 442 billion euros of one-year funds into money markets. U.S. stocks .DJI .IXIC .SPX gained between 0.87 and 2.19 percent on the back of strong durable goods orders and better-than-expected quarterly results from software marker Oracle.

Trade has been volatile in recent days as the recent market euphoria on hopes the world economy was recovering gave way to worries that the outlook was uncertain.

But the Organization for Economic Cooperation and Development on Wednesday said economic outlook had improved for the first time in two years, contributing to a more upbeat tone.

"The World Bank's very negative report surprised many and allowed for profit-taking. In this session, the OECD provided a better outlook and this, along with the recovery of some commodities, is providing a more positive tone," said a head of equity markets at a brokerage in Sao Paulo.

Some relief over the world's largest economy also boosted energy and metal prices, which propelled commodity stocks higher. Commodity shares tend to do well on positive economic news, on the view that a positive economy will support demand for energy and metals.

State-run energy company Petrobras (PETR4.SA: Quote, Profile, Research) , Brazil's top-weighted stock, jumped 1.18 percent to 31.77 reais as oil prices firmed 0.5 percent, and mining giant Vale (VALE5.SA: Quote, Profile, Research) surged 0.89 percent to 30.46 reais as copper prices rallied more than 4 percent.