GLOBAL MARKETS-US and world stocks surge in recovery; dollar, bond yields dip

The Dow Jones Industrial Average rose 360.68 points, or 1.06%, to 34,382.13, the S&P 500 gained 61.35 points, or 1.49%, to 4,173.85 and the Nasdaq Composite added 304.99 points, or 2.32%, to 13,429.98. The MSCI World Index, which tracks 50 markets, jumped 1.5%.

NEW YORK: U.S. stocks rallied in a sharp rebound on Friday as investors set aside inflation worries and bought shares hammered by the week's volatility, with the shift back into riskier assets dragging on the dollar.

The jump in shares was in step with buoyant global stocks as investors put on the back burner concerns that rising prices could lead the U.S. Federal Reserve to raise interest rates sooner than expected and reduce the gush of cash that has propelled financial markets.