* Global shares jump after U.S. Congress passes budget deal * Oil jumps as commodities join rally in risky assets * U.S. Treasury prices hit more than three-month high By Herbert Lash and Ryan Vlastelica NEW YORK, Jan 2 (Reuters) - Global stocks jumped 2 percent or more and commodities rallied on Wednesday after U.S. legislators struck a deal to halt a round of automatic fiscal tightening that threatened to push the world's largest economy into recession. The deal reached on Tuesday to avert the "fiscal cliff" put off the immediate pain of income tax hikes for almost all U.S. households but did nothing to resolve other political impasses on the budget that loom in coming months, including the debt ceiling. Oil prices pared some gains but Wall Street rallied at the close, with the benchmark S&P 500 posting its best day in more than a year. The CBOE Volatility Index, or VIX, a gauge of investor anxiety, dropped 18.5 percent to 14.68 at the close. The VIX has fallen 35.4 percent over the past two sessions. The markets' reaction to the U.S. budget deal was a "sigh of relief that a recession in the world's largest economy has been averted," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. Copper rose to its highest in more than two months, while silver and platinum group metals also rose sharply. The S&P 500 achieved its biggest one-day gain since Dec. 20, 2011, pushing the index to its highest close since Sept. 14. The Dow Jones industrial average closed up 308.41 points, or 2.35 percent, at 13,412.55. The Standard & Poor's 500 Index rose 36.23 points, or 2.54 percent, at 1,462.42. The Nasdaq Composite Index gained 92.75 points, or 3.07 percent, at 3,112.26. Still, the rally may be short-lived. Spending cuts of $109 billion in military and domestic programs were only delayed for two months, and a fight over the limit for U.S. government debt also looms. "There was the fiscal cliff euphoria, but the markets are a little overdone and people realize you still have the debt ceiling battle, social security taxes going up and dealing with spending sequestration and budget cuts," said Mark Waggoner, president at Excel Futures Inc. The deal boosted investors' appetite for riskier assets and depressed the U.S. dollar against major currencies. Brent crude oil hit an 11-week high of nearly $113 per barrel and gold prices rose nearly 1 percent. Brent February crude rose $1.36 to settle at $112.47 a barrel, after reaching $112.90. U.S. crude for February delivery rose $1.30 to settle at $93.12 a barrel. The vote in Congress removed a major uncertainty hanging over markets, but some analysts cautioned that the optimism could fade if U.S. economic data later this week, including the December payroll report, disappoints. U.S. manufacturing expanded slightly in December, bouncing back from an unexpected contraction the prior month, according to an industry report released on Wednesday. The MSCI all-country world equity index rose 2.05 percent. The pan-European FTSEurofirst 300 closed 2.1 percent higher at 1157.40. In currency markets, the euro retreated after reaching a two-week high earlier in the session to trade down 0.15 percent at 1.3183. The U.S. dollar rose 0.06 percent against a basket of major currencies. Prices of safe-haven government debt fell. Germany's Bund future posted its biggest daily fall since early September, settling down 1.57 points at 144.07. Yields on U.S. benchmark 10-year Treasury notes hit a more than three-month high, with the price falling 24/32 to yield 1.8406 percent. Venezuela's U.S. dollar-denominated sovereign bonds rallied across the yield curve on Wednesday in a sign of increased appetite for risk. The benchmark 2027 Global bond gained 1.536 points in price to bid 99.79, yielding 9.273. The Thomson Reuters-Jefferies CRB index of 19 commodities rose 0.85 percent, with metals dominating gains.