LONDON, Nov 3 (AFP) - World stock markets climbed Wednesday as US President George W. Bush emerged victorious from a cliff-hanger election, while oil prices swung wildly and an early dollar rally faded.
On Wall Street the Dow Jones Industrial Average jumped 1.42 percent to 10,177.83 points in late morning trading.
The broad-market Standard and Poor`s 500 index advanced 1.37 percent to 1,145.98 points.
"Most on Wall Street got the man they wanted," said Alfred Goldman, a US-based analyst at AG Edwards.
Senator John Kerry conceded the US election in a telephone call to Bush, a source close to the Democrat campaign confirmed.
Oil prices rode a rollercoaster, rising above 50 dollars in Asian trading before plunging below 49 dollars in New York as news of a jump in US commercial crude oil inventories calmed markets` supply worries.
In Europe stock markets got off to a flying start amid expectations of a Bush win, closing in positive territory but off their highs of the day.
The FTSE 100 index ended up 0.54 percent at 4,718.50, the DAX rose 0.04 percent to 4,039.04 points in Frankfurt and the CAC 40 gained 0.11 percent to 3,769.93 points in Paris.
Earlier in Asia, Taipei added 1.79 percent, Seoul closed up 1.70 percent and Hong Kong rose 0.67 percent. Tokyo was closed.
Oil prices initially flew higher as traders in Asia and Europe bet on a Bush victory.
But markets turned after the US government reported a 6.3-million-barrel weekly jump in US commercial crude oil inventories, easing fears of a supply crunch during the northern hemisphere winter.
At about 1645 GMT the main US oil contract was 49 cents lower at 49.13 dollars a barrel.
Analysts said markets had been betting that a win by Bush would push prices higher because his policies would be likely to further fuel tensions in the oil-rich Middle East.
On the foreign exchange market, the dollar rose initially but -- as widely expected -- the rally soon ground to a halt as economists warned a Bush victory would do little to ease worries over the US economy and big trade deficit.
In late European trading the euro stood at 1.2787 dollars against 1.2741 late on Tuesday.
The dollar was quoted at 106.18 yen against 106.02 on Tuesday.
"We maintain the key driver of dollar selling has been more the prospect of an economic slowdown ahead rather than uncertainty over the outcome of the election," said Bank of Tokyo-Mitsubishi analyst Derek Halpenny.
"We therefore place far more importance on the outcome of upcoming economic data than on an election victory for President Bush."
Gold prices slipped as the dollar advanced, but later moved into positive territory as the greenback came under pressure.
The spot gold price rose 1.99 dollars on the day to 423.54 dollars an ounce on the London Bullion Market.

11/03/2004 17:28 GMT - AFP