GLOBAL MARKETS-Stocks gain for fifth straight session, euro advances after ECB rate hike

The Dow Jones Industrial Average .DJI rose 162.06 points, or 0.51%, to 32,036.9, the S&P 500 .SPX gained 39.16 points, or 0.99%, to 3,999.06 and the Nasdaq Composite .IXIC added 161.96 points, or 1.36%, to 12,059.61.

NEW YORK: A gauge of global stock markets rose for a fifth straight session while the euro edged up in choppy trading after the European Central Bank raised interest rates for the first time in more than a decade as it seeks to rein in inflation.

The ECB had for weeks flagged a 25 basis point hike, until earlier this week, when sources told Reuters the central bank was weighing a bigger move. The central bank also introduced a bond protection plan, called the Transmission Protection Instrument (TPI), that is designed to cap borrowing costs across the region.