Europe, US stocks rebound

Another rocky day on global share markets ended up with solid rebounds in Europe and the United States, though the worries that have sparked a week of volatility remained in place.US and European shares rallied to register solid 2-4 percent gains after falls in Asia. The dollar picked up, and gold, after setting a new record at $1,814.95 very early in the day, retreated to around $1,765.European markets plunged in early trade, as more rumours spread about Frances banks and credit rating, and about Italy and Spain being forced toward default.But they moved into positive territory after French President Nicolas Sarkozy called a eurozone crisis meeting with German Chancellor Angela Merkel aimed at shoring up the eurozone.A second boost came when Central Bank of Luxembourg governor Yves Mersch said the European Central Bank would keep buying Italian, Spanish and other stressed eurozone government bonds until a new financial rescue system is ready to take over.The FTSE 100 index climbed 3.11 percent; Germanys DAX added 3.28 percent; and the CAC 40 rose 2.89 percent.Stocks opened in positive territory on Wall Street after a striking rout Wednesday, and picked up steam when Europes bourses turned around.Helped as well by strong new earnings reports from News Corp. and Cisco, gains on the Dow Jones Industrial Average topped 5.1 percent before it closed up 3.95 percent.The broader S&P 500 gained 4.63 percent while the tech-heavy Nasdaq surged 4.69.Latina Americas biggest markets followed suit: Mexico gained 4.26 percent and Brazil added 3.79 percent.But the worries that started the recent volatility -- the eurozone debt problems, Standard & Poors downgrade of the US credit rating, and slowing growth worldwide, remain.