(Adds fresh prices)
* MSCI’s all-country world index gains 0.49%
* Silver rebounds, Brent crude prices at 11-month high
NEW YORK, Feb 3 (Reuters) - Global equities rose on Wednesday, lifted by strong results from Alphabet Inc and upbeat earnings in Europe, while oil prices advanced more than 2% to their highest levels in nearly a year on a growth outlook bolstered by stimulus hopes.
Silver regained some ground following a sharp retreat from a near eight-year peak that was scaled with the help of a social media-inspired buying frenzy. Silver rose 1.01% to $26.88 on bets for a pick-up in industrial demand.
Videogame retailer GameStop Corp rose 11.12% to $100.01, clawing back ground after plunging from a peak of $483 last week.
The retail investors’ push-back on the shorting by hedge funds of GameStop and other stocks has caused soul-searching as investors reposition portfolios, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
“We are in earnings season and that means volatility in individual securities, both on the positive side and negative side,” Ghriskey said. “Sometimes that surprises people.”
MSCI’s benchmark for global equity markets rose 0.5% to 664.3, while Europe’s broad FTSEurofirst 300 index closed up 0.31% at 1,567.25.
On Wall Street, the Dow Jones Industrial Average was flat, the S&P 500 gained 0.35% and the Nasdaq Composite added 0.5%.
Alphabet, parent of Google, rose 11.12% to $100.01 following its strong quarterly results and helped push the communication services index to an all-time high.
In Europe, Daimler was the top boost to the pan-European STOXX 600 index after unveiling plans to spin-off its trucks business, rising 8.9%.
Germany’s DAX index rose 0.7% to hit its highest in two weeks.
The prospect of Mario Draghi, the former European Central Bank chief, becoming prime minister in Italy added to the cheer in Europe.
The dollar’s rebound slowed, with the euro and Japanese yen holding near widely watched levels as foreign exchange markets looked for clues to their next move, possibly from the U.S. jobs report on Friday.
The dollar index rose 0.033%, with the euro down 0.13% to $1.2026.
The Japanese yen weakened 0.05% versus the greenback at 105.02 per dollar.
U.S. crude oil stockpiles fell last week to 475.7 million barrels, the Energy Information Administration said, their lowest since March. Refiner utilization rates , meanwhile, rose by 0.6 percentage points.
Brent crude futures rose $1.22 to $58.68 a barrel. U.S. crude futures gained $1.23 to $55.99 a barrel.
The 10-year U.S. Treasury note rose about 2 basis points to 1.1306%.
Reporting by Herbert Lash; editing by Barbara Lewis