* U.S. stocks climb in late morning trade
* Oil rebounds after hovering near 12-year lows
* Dollar up against euro after Draghi remarks
(Updates with U.S. market opening, changes dateline, previous
LONDON)
By Caroline Valetkevitch
NEW YORK, Jan 21 (Reuters) - Oil prices and global stocks
rebounded on Thursday, buoyed by comments from European Central
Bank President Mario Draghi that raised hopes of further
monetary stimulus, following a turbulent few days that wiped
trillions of dollars off asset values.
U.S. stocks were up in late morning trading, led by gains in
telecommunications, energy and consumer discretionary shares,
but trading was again choppy in most asset classes.
The euro fell to a two-week low against the dollar after
Draghi hinted of additional stimulus measures as early as March
as economic risks had grown. He cited concerns over China and
emerging markets, volatility in financial and commodity markets
and geopolitical risks, and said the tumult would prompt a March
review of monetary policy. The euro EUR= fell
below $1.08 for the first time in two weeks during his speech.
Oil rebounded after falling to a more-than-12-year low the
previous day. U.S. crude futures CLc1 were up nearly 1 percent
at $28.60 per barrel. On Wednesday, U.S. crude futures fell to
their lowest since September 2003.
Crude oil prices, which have dropped more than 25 percent
since the start of the year, have been a key driver of a recent
cross-asset rout.
"The underlying focus is still on oil because people are
looking at the transmission mechanism to the real economy of
lower oil prices," said Gennadiy Goldberg, interest rate
strategist, at TD Securities in New York.
"Lower oil prices are maybe great for the consumer, but not
unilaterally good for the U.S economy."
U.S. Treasury debt yields edged lower in choppy trading,
weighed by concerns over volatility in oil and global stock
markets.
In the equity market, MSCI's all-country world stock index
.MIWD00000PUS rose 0.5 percent. Europe's pan-regional
FTSEurofirst 300 index .FTEU3 jumped 1.9 percent.
The Dow Jones industrial average .DJI was up 131.35
points, or 0.83 percent, to 15,898.09, the S&P 500 .SPX gained
14.29 points, or 0.77 percent, to 1,873.62 and the Nasdaq
Composite .IXIC added 28.56 points, or 0.64 percent, to
4,500.25.
A 3-percent slump in Chinese stocks gave Asia another
bruising.
MSCI's 23-country emerging market index notched a 6-1/2 year
low and Russia's rouble RUB= tanked almost 5 percent at one
point as it set a record low against the dollar for a second day
running.
China's volatile markets http://link.reuters.com/myh35w
Currencies vs dollar http://link.reuters.com/tak27s
ECB QE projections http://link.reuters.com/dan83w
Oil prices http://link.reuters.com/beb23v
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