Global stocks rise on data, dollar slips

The dollar extended declines after a report said China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit in Italy, G8 sources said.

Also on Wednesday, oil prices fell after government data showed a rise in U.S. gasoline inventories ahead of the July 4 Independence Day holiday, traditionally the peak of the U.S. summer driving season.

But reassuring data from the United States, China and Europe signalled to many investors that the global economy, shackled by a deep recession, is on the road to recovery.

A day after stock markets around world wrapped up their best quarter in a decade, investors ploughed new money into equities, boosting growth-sensitive sectors like energy, industrials, technology and materials, among other areas.

"We think the economy has bottomed out and we'll see some positive GDP this quarter," said Maury Fertig, chief investment officer of Relative Value Partners in Northbrook, Illinois.

The release on Thursday of key U.S. non-farm payrolls data for June led stocks to finish sharply off their highs.

The Dow Jones industrial average .DJI rose 57.06 points, or 0.68 percent, at 8,504.06. The Standard & Poor's 500 Index .SPX gained 4.01 points, or 0.44 percent, to 923.33. The Nasdaq Composite Index .IXIC ended up 10.68 points, or 0.58 percent, at 1,845.72.

Natural resource and energy stocks rose as copper for September delivery HGU9 rose 2.6 percent, nickel jumped 6.1 percent and zinc gained 2.9 percent.

Shares of Exxon Mobil rose 0.93 percent and Chevron gained 0.41 percent.