GLOBAL MARKETS-Euro slips on new Greek debt concern, stocks gain

* Euro hit by uncertainty over Greek rescue package

* Bonds rise on worries over emergency aid for Greece

* Stocks rise globally as data points to economic recovery

* Oil slips below $85 a barrel as dollar strengthens (Updates with close of European markets)

By Herbert Lash

NEW YORK, April 26 (Reuters) - Stocks jumped worldwide on Monday as strong corporate results reinforced confidence in the economic recovery, but the euro fell and Greek debt came under intense pressure on new worries over Greece's bailout .

Gold hit a peak of $1,159.73 an ounce before falling and U.S. government debt prices rose as uncertainty over how and when Greece would receive financial aid boosted the appeal of safe havens. For details see: [ID:nLDE63P0XY] [ID:nN26167148]

The euro dipped briefly below $1.33, falling against the greenback for the seventh trading session in eight, as investors fretted about the potential conditions attached to any loans to Greece. [ID:nN2686741]

Confusion over aid for debt-stricken Greece arose on Monday after German Chancellor Angela Merkel said the euro zone member, which on Friday had requested emergency aid, must commit to further savings measures and show it can return to a sustainable economic path before Germany can approve aid. [ID:nBEB004453].

Greece said on Sunday that the that the 45 billion euros ($60.5 billion) in aid from the European Union and the International Monetary Fund would loans would arrive in time to finance a debt rollover on May 19, but the German comments kept investors on edge, fueling a sell-off of Greek debt and driving up the cost of insuring against default. [ID:nLDE63P1KI]

"Until the cash is on the table investors will continue to demand very high risk premiums on Greek bonds," said Nick Stamenkovic, strategist at RIA Capital Markets in Edinburgh.

The euro fell 0.5 percent to $1.3323 after earlier hitting a session low of $1.3291 .

Spot gold hit a peak of $1,159.73 an ounce before sliding $4.55 to $1,152.30.

The yield spread against German Bunds scaled 12-year highs as the cost of insuring against a default by Greece hit a record high. Sovereign credit risk fears also boosted the cost of insuring Portuguese debt to new highs.

The Greek/German 10-year bond yield spread climbed to 680 basis points, passing the previous record set last week of 611 basis points, and matching levels last seen in February 1998.

Global stocks as measured by MSCI's all-country world index <.MIWD00000PUS> were up 0.5 percent, helped by rising stock markets in Europe and Asia.

In New York, the Dow rose on strong results from heavy equipment maker Caterpillar Inc , although weakness in financial shares pulled the S&P 500 index lower. [ID:nN26192790]

Caterpillar's shares rose 4.4 percent after it raised its full-year profit forecast, while shares of Whirlpool Corp surged almost 14 percent after its earnings beat estimates and it raised its full-year profit view.

At 12:30 p.m., the Dow Jones industrial average <.DJI> was up 27.20 points, or 0.24 percent, at 11,231.48. The Standard & Poor's 500 Index <.SPX> was down 1.48 points, or 0.12 percent, at 1,215.80. The Nasdaq Composite Index <.IXIC> was down 2.66 points, or 0.11 percent, at 2,527.49.

European shares ended at their highest in more than a week as encouraging earnings and strong U.S. economic numbers on Friday boosted sentiment. [ID:nLDE63P240]

The FTSEurofirst 300 <.FTEU3> index of top European shares finished up 1 percent at 1,103.00 points.

Optimism about economic growth and commodity demand helped the mining sector, which was also supported by a rise in key base metals prices.

"The equity markets are rising despite the problems we see in Greece. What is saving the market is the solid macro-momentum that we currently see and the good first-quarter earnings season in the U.S.," said Klaus Wiener, head of research at Generali Investments in Cologne, Germany.

Copper touched a one-week high as optimism about economic growth and demand gained the upper hand after last week's strong housing market data from the United States. [ID:nLDE62L167]

New U.S. home sales rose at their fastest pace in 47 years in March and new orders for durable goods grew strongly, according to reports on Friday.

The benchmark 10-year U.S. Treasury note was up 5/32 in price to yield 3.80 percent.

The dollar was up against a basket of major currencies, with the U.S. Dollar Index <.DXY> up 0.26 percent at 81.565. Against the yen, the dollar was up 0.21 percent at 94.11.

Ahead of the Federal Reserve's policy meeting this week, investors bet that the U.S. central bank would raise rates before year end, well ahead of any move by the Bank of Japan.

Oil slipped below $85 a barrel on the dollar's rise against the euro on the back of lingering doubts over Greece's debt crisis. [ID:nSGE63P0AN] U.S. light sweet crude oil fell 98 cents to $84.14 a barrel.

Overnight in Asia, the MSCI index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> rose 1.3 percent, and Japan's Nikkei average climbed more than 2 percent. (Reporting by Ryan Vlastelica, Steven C. Johnson and Richard Leong in New York and Joe Brock, Kirsten Donovan and Pratima Desai in London; Writing by Herbert Lash; Editing by Leslie Adler)