GLOBAL MARKETS-Strong data lifts stocks after tax scare; oil gains

* S&P 500 recoups Thursday's loss, gains further
* Dollar, oil on track for weekly declines

(Updates prices, adds comment)
By Rodrigo Campos
NEW YORK, April 23 (Reuters) - Stocks rose on Friday as
solid economic data reversed a Wall Street decline in the
previous session, setting up a global stocks index for a fifth
consecutive week of gains.
Oil prices rose more than 1% but were on track to end
negative for the week, while the strong data lifted the euro and
the dollar index fell as it lost some of its safe haven appeal.
Stocks rose sharply on Wall Street a day after reports of a
Biden administration push to raise taxes on capital gains shoved
indexes lower. The proposed increases had been public since the
presidential campaign.
"What we are seeing here is the market is attempting to
rally after yesterday's decline, which I think was an
aberration," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
"Since the beginning of Biden's campaign, he has always
talked about higher taxes, so this is nothing new for the
markets."
Strong economic data also lifted equities.
The Dow Jones Industrial Average .DJI rose 312.67 points,
or 0.92%, to 34,128.57, the S&P 500 .SPX gained 56.31 points,
or 1.36%, to 4,191.29 and the Nasdaq Composite .IXIC added
237.57 points, or 1.72%, to 14,055.98.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 1.03% and the pan-European STOXX 600 index .STOXX lost
0.13%. Emerging market stocks .MSCIEF rose 0.96%.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS closed 0.95% higher. Japan's Nikkei futures
NKc1 rose 1.19%.
IHS Markit's flash factory PMI for the United States hit
60.6 in the first half of the month, the highest reading on
records dating back to 2007. In the euro zone, the Composite PMI
rose to a nine-month high of 53.7, higher than anticipated.
Anything above 50 indicates expansion.
Oil prices edged up with support from the economic data, but
concerns over demand from India and Japan lingered, putting a
check on gains. Crude futures were set to post a weekly loss.
"Stronger PMIs across Europe, a weaker U.S. dollar, and some
European countries planning to ease some of their restrictions
are slightly supporting oil prices," UBS oil analyst Giovanni
Staunovo said.
"Oil demand concerns in India due to rising COVID cases are
capping the upside."
U.S. crude CLc1 recently rose 1.33% to $62.25 per barrel
and Brent LCOc1 was at $66.20, up 1.22% on the day.
The euro rose after the strong data, up 0.67% to $1.2095.
The dollar index =USD fell 0.507%, with Sterling GBP=
last trading at $1.3886, up 0.36% on the day. The Japanese yen
JPY= strengthened 0.05% versus the greenback at 107.90 per
dollar.
Benchmark 10-year Treasury notes US10YT=RR last fell 3/32
in price to yield 1.5666%, up from 1.556% late on Thursday.
Spot gold XAU= dropped 0.5% to $1,775.49 an ounce. Silver
XAG= fell 0.76% to $25.97.
Bitcoin BTC=BTSP last fell 1.74% to $50,784.50.

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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