NEW YORK - Global stocks jumped and oil rose o n F riday after slightly better-than-expected Chinese economic data soothed worries that a potential hard landing by the world's second-largest economy would further crimp worldwide growth. A 7.6 per cent reading of gross domestic product growth in China was a hair above expectations, bolstering sentiment across the board in commodities and buoying stock prices. US stocks rose, on track to snap six days of losses by the benchmark S&P 500 index, even after JPMorgan Chase & Co posted $4.4 billion of losses from its "London whale" trades. "China pretty much came in line with expectations, and that could have been a very big miss, which could have been catastrophic for the market," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. JPMorgan also said it may incur $700 million to $1.7 billion in further losses. But the bank's stock rose 4.2 percent to $35.45 as the trading losses cut second-quarter profit by only $471 million from a year earlier, to $4.96 billion. "JPMorgan, even with their adjustments, came in above expectations -- that could have been a big negative," Mendelsohn said. Investors shrugged off a survey that showed U.S. consumer sentiment cooled again in early July to its lowest level in seven months as Americans took a dim view of their finances and job prospects. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 72.0 from 73.2 in June. The Dow Jones industrial average was up 162.95 points, or 1.30 percent, at 12,736.22. The Standard & Poor's 500 Index was up 16.83 points, or 1.26 percent, at 1,351.59. The Nasdaq Composite Index was up 28.11 points, or 0.98 percent, at 2,894.30. European shares extended gains, with traders citing speculation of a shift in asset allocation as the jump in U.S. stocks helped the euro to rebound from a two-year low against the US dollar. The euro rose as high $1.2256 and last traded at $1.2238, up 0.3 percent on the day. The FTSEurofirst 300 rose 1.2 percent to 1,041.50. "There is a major asset allocation switch out of Treasurylong-end ETFs into European equities happening right now," said Justin Haque, a trader at Hobar Capital Markets.
