GLOBAL MARKETS-Stocks jump, dollar sinks on mixed data

* Stocks rally even as U.S. data offers mixed view

* Dollar falls broadly, Ifo data helps lift euro

* Bonds fall on news of strong U.S. business spending

* Oil charges above $76 barrel on back of stock rally (Adds opening of U.S. markets, changes byline, dateline; previous LONDON)

By Herbert Lash

NEW YORK, Sept 24 (Reuters) - Global stocks rallied and the dollar slid on Friday as U.S. and German data helped lift spirits while a housing report bolstered speculation the Federal Reserve will embark on a new effort to bolster the economy.

U.S. oil futures prices climbed above $76 a barrel, buoyed by expectations that the Fed will pump another round of billions of dollars into the economy to encourage growth.

Reports on U.S. durable goods orders and home sales in August once again offered investors evidence of either a U.S. economy that is growing very slowly or one that is actually picking up speed, albeit at almost a snail's pace.

Wall Street jumped, gaining almost 2 percent, while European equity indexes gained more than 1 percent. Emerging markets lagged, advancing 0.8 percent, according to an MSCI index. <.MSCIEF>

But the dollar tumbled against a basket of currencies <.DXY> to its lowest level since May as stronger-than-expected data in Europe and a drop in U.S. durable goods orders hurt demand. For details see: [ID:nN24202022]

An unexpected rise in the German Ifo business climate index in September to its highest level in more than three years lifted the euro after Thursday's sell-off. [ID:nLDE68N0L3]

The euro was up 1.31 percent at $1.3484.

The Dow Jones industrial average <.DJI> was up 165.75 points, or 1.55 percent, at 10,828.17. The Standard & Poor's 500 Index <.SPX> was up 19.96 points, or 1.77 percent, at 1,144.79. The Nasdaq Composite Index <.IXIC> was up 41.51 points, or 1.78 percent, at 2,368.60.

But the U.S. reports on durable goods orders and new single-home sales for August reinforced the view that the Fed may provide more monetary support to help the economy. [ID:nN23141647][ID:nN2377778]

"Overall, both durables and housing numbers suggest the economy is still weak and that the Federal Reserve is still on track for a second round of quantitative easing," said Nick Bennenbroek, head of FX strategy at Wells Fargo in New York.

Gold rallied to record highs in Europe, with spot prices knocking on the door of $1,300 an ounce on expectations of further quantitative easing in the United States.

Spot gold hit an all-time high of $1,299.65 an ounce, and later eased to $1,295.10.

"The U.S. Fed is obviously contemplating, and the market is expecting, some kind of statement on quantitative easing," said Deutsche Bank analyst Daniel Brebner. "The influx of new money in the system raises longer-term expectations for inflationary forces."

U.S. Treasuries fell on news that businesses spent heavily in August, offering the bond market, which has rallied in recent days, more evidence of a U.S. economic recovery. [ID:nN24331392]

The benchmark 10-year U.S. Treasury note was down 12/32, with the yield at 2.607 percent.

Crude oil advanced. U.S. light sweet crude oil rose $1.11, or 1.5 percent, to $76.29 a barrel.

Japan's Nikkei share average <.NK225> dropped 1 percent to end at 9,471.67 after initially climbing on the yen intervention talk. The MSCI index for Asia ex-Japan stocks <.MIAPJ0000PUS> was up 0.5 percent. (Reporting by Leah Schnurr, Vivianne Rodrigues, Ellen Freilich, Robert Gibbons, Gene Ramos and Frank Tang in New York, Jan Harvey and David Brett in London, Blaise Robinson in Paris and Elaine Lies in Tokyo; Writing by Herbert Lash; Editing by Jan Paschal)