* High oil price clouds growth picture
* Euro hovers near 10-week highs vs dollar
* U.S. shares open higher; world stocks up
* U.S. bonds up slightly
NEW YORK, Feb 24 Oil prices climbed and
were headed for a fifth straight weekly gain on Friday, but
stocks rose as investors focused on bright spots in the global
Unease about higher oil prices and doubts about the
implementation of Greece's rescue deal tempered some of the risk
appetite, but U.S. bond prices were up slightly.
A day after hitting a record high in euro terms, Brent crude
jumped above $124 a barrel, raising worries a run of
sharp price gains could stymie the euro zone's growth prospects,
making it harder for governments to meet budget targets and
pull the currency bloc out of its debt crisis.
Brent has risen more than 11 percent so far this month, on
worries over Iranian supply in particular, and reached a high of
$124.28 on Friday.
"The supportive factors (for crude oil prices) are on the
supply side - Iran and Iran and Iran, with a bit of Syria and
Sudan," said Christopher Bellew, a broker at Jefferies Bache in
London. "It would not be at these numbers if it was not for the
U.S. stocks opened higher, bringing the Standard & Poor's
500 closer to peaks not since before the 2008 collapse of Lehman
The Dow Jones industrial average was up 27.62 points,
or 0.21 percent, at 13,012.31. The Standard & Poor's 500 Index
was up 4.15 points, or 0.30 percent, at 1,367.61. The
Nasdaq Composite Index was up 9.07 points, or 0.31
percent, at 2,966.05.
"We've touched these significant points (in the stock
indices) and they haven't shown a lot of support, that makes me
want to look at the short term with a cautious eye," said Joseph
Cangemi, managing director at BNY ConvergEx Group in New York.
Global stocks as measured by MSCI were up
0.6 percent, with European stocks rose 0.5 percent.
Data on Friday confirmed Germany's economy shrank
by 0.2 percent in the fourth quarter, but investors were
optimistic that Europe's biggest economy will avoid falling into
recession after a strong business sentiment reading on Thursday.
The euro was last up 0.7 percent after hitting a
10-week high at $1.3412 on trading platform EBS.
In the U.S. Treasury marekt, the benchmark 10-year U.S. note
was up 4/32, with the yield at 1.9809 percent.