GLOBAL MARKETS-Global equities rise, gold falls after Russia avoids default

The Dow Jones Industrial Average .DJI rose 0.8% to 34,754.93, the S&P 500 .SPX gained 1.17% to 4,463.12 and the Nasdaq Composite .IXIC added 2.05% to 13,893.84.

NEW YORK: Global equity markets gained on Friday after traders cheered a Russian bond payment that averted a historic sovereign default, while gold prices dropped as demand for the safe-haven metal eased following the start of the U.S. interest rate hike cycle.

The Russian finance ministry announced on Thursday that it had sent funds to cover $117 million in coupon payments on two dollar-denominated sovereign bonds that came due this week. Read full story