SHARES, COMMODITIES, EURO ON A HIGH Stimulus Hopes Spark Rally in Global Markets

But ECB says it is not up to it to make up for lack of action by other institutions  US and Europe shares rallied more than 1% and the euro gained on Wednesday as European officials urgently explored ways to rescue Spain's debt-laden banks and expectations grew that major central banks would act to bolster a slowing global economy.  Brent crude jumped above $100 a barrel while gold hit a one-month high, leading a broad rally in the commodities sector. Silver soared 4% and copper gained 2%.  But comments from European Central Bank President Mario Draghi dented some of the optimism after he dashed hopes for more long-term, cheap loans, saying it was not up to the ECB to make up for other institutions' lack of action.  The ECB resisted pressure to provide more support for the euro zone's ailing economy at its regular monthly policy meeting by holding its main interest rate steady at 1%.  But investors held out hopes after Atlanta Fed President Dennis Lockhart said the Federal Reserve may need to consider additional monetary easing if a wobbly US economy falters or Europe's troubles generate a broader financial shock. Fed Chairman Ben Bernanke testifies before the US congressional Joint Economic Committee on Thursday and could provide hints on the possibility of further monetary easing. The Group of 20 economies is scheduled to meet later this month. "Markets again look to central bankers like dogs to pieces of meat. Will the dog get the meat and will it taste as good?" said Peter Boockvar, equity strategist at Miller Tabak in New York. "Draghi didn't bring the meat the market dogs were hoping for as he seems to be standing pat for now, likely waiting for more stress to develop before announcing something new of substance."  US stocks rallied. The Dow Jones industrial average was up 192.46 points, or 1.59%, at 12,320.41. The Standard & Poor's 500 Index was up 21.09 points, or 1.64%, at 1,306.59. The Nasdaq Composite Index was up 53.50 points, or 1.93%, at 2,831.61.  The MSCI World Equity Index rose 1.8% for its biggest daily gain since early January. FTSEurofirst 300 index rose 2.1%.  Street Rises 2.7% on Rate Cut Talks  India's benchmark indices rose 2.7% on Wednesday, posting their biggest daily percentage gain since early January, boosted by hopes of a rate cut by the RBI in its upcoming meeting, reports Our Bureau from Mumbai. Expectations that the ECB would announce more stimulus measures to resolve the EU crisis also contributed to the gains. • •9