AlQa'dah 26, 1432, Oct 24, 2011, SPA -- Global stocks hit a seven-week high on Monday and commodity prices rallied on optimism European leaders were moving closer to resolving their debt crisis, while Chinese data eased fears of an abrupt slowdown in the world's second-largest economy, according to Reuters. The euro, however, slipped from a six-week high against the dollar. It reversed early gains as investors remained worried about sharp differences over the extent of losses private holders of Greek bonds will have to accept. European Union leaders neared agreement over the weekend on bank recapitalization and on how to leverage their rescue fund to try to stop bond market contagion. But final decisions were deferred until a second summit on Wednesday. "There is still a lot of hope that a solution out of Europe this time will last, and that is sending the market higher to break above trading ranges," said Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York. MSCI's all-country world stock index was up 1.4 percent, after hitting its highest level since early September. Emerging market shares rallied 3.1 percent. European shares rose 1.0 percent. Earlier, Japan's Nikkei added 1.9 percent. U.S. stocks rose, adding to three weeks of gains for the S&P 500 index after strong earnings from Caterpillar and a number of proposed acquisitions boosted investor appetite for risky assets. The Dow Jones industrial average was up 60.10 points, or 0.51 percent, at 11,868.89. The Standard & Poor's 500 Index was up 11.52 points, or 0.93 percent, at 1,249.77. The Nasdaq Composite Index was up 49.41 points, or 1.87 percent, at 2,686.87.
