* Wall Street trades higher for a 4th day in a row
* Euro higher after Draghi comments on preserving euro
* Oil rebounds on tensions between Syria and Turkey
By Wanfeng Zhou
NEW YORK, Oct 4 (Reuters) - The euro notched a two-week high against the dollar on Thursday and global shares edged higher after the head of the European Central Bank reiterated a commitment to preserve the euro and U.S. data added to signs of a modest improvement in the jobs market.
Oil prices rebounded a day after registering a steep fall as escalating tensions between Syria and Turkey raised concerns over supplies from the Middle East.
The president of the ECB, Mario Draghi, speaking after the ECB decided to hold benchmark lending rates steady at 0.75 percent, said “the euro is irreversible.” He also said the ECB is ready to buy the bonds of troubled euro-zone economies that ask for it, leaving the door open for a widely expected bailout of Spain, which has been at the forefront of the region’s debt crisis.
“What strikes me was Draghi reiterating his commitment to preserve the euro, and that has eased break-up concerns,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. “His commitment to the bond-buying plan was a positive for the euro as well.”
The euro rose 0.7 percent to $1.2993. It earlier traded as high as $1.30, the highest level since Sept. 21. Against the yen, the euro gained 0.7 percent to 101.91 yen .
U.S. stocks rose for a fourth session, with financial shares leading the advance, buoyed by Draghi’s remarks. The S&P financial index rose 1.4 percent.
The Dow Jones industrial average gained 87.02 points, or 0.64 percent, to 13,581.63. The Standard & Poor’s 500 Index rose 9.42 points, or 0.65 percent, to 1,460.41. The Nasdaq Composite Index added 7.93 points, or 0.25 percent, to 3,143.16.
Also supporting stocks, the number of Americans filing new claims for unemployment benefits rose less than expected last week, according to Labor Department data. Separately, the Commerce Department reported a decline in factory orders for August that was the biggest since January 2009, but was slightly less than expected.
The MSCI global stock index edged up 0.7 percent to 335.60. Europe’s FTSEurofirst 300 index was up 0.1 percent at 1,101.83.
Markets are awaiting Friday’s release of the U.S. government’s closely watched monthly reports on jobs growth.
Speculation the jobs data will show stronger-than-expected growth in September weighed on Treasury prices. The benchmark U.S. 10-year note was down 10/32, its yield rising to 1.65 percent.
“Some accounts believe the payrolls data will be better than the consensus forecast,” said Tom di Galoma, managing director at Navigate Advisors LLC, noting a report from consultants Challenger, Gray & Christmas showing planned job cuts announced for the month of September hit a 15-year low.
Also in focus is the Federal Reserve’s release of minutes from its Sept. 12-13 policy meeting at 2 p.m. (1800 GMT).
Brent crude rose $1.51 to $109.68 per barrel, after falling to its lowest since Sept. 20 on Wednesday. U.S. crude rose $1.27 cents to $89.41, after dropping to its lowest since Aug. 3 in the previous session.
Turkey’s military hit targets inside Syria for the second day on Thursday after a mortar bomb fired from Syrian territory killed five Turkish civilians, marking the most serious cross-border escalation of the 18-month-old uprising in Syria.
“The hostilities between Syria and Turkey reinforce supply fears, as a number of pipelines cross the region,” said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt.
Spot gold rose to an 11-month high of $1,794.40 and last traded at $1,790.84 an ounce.