Global stocks rise on data, ECB cash injection

US stocks rose on Thursday, moving back to 2008 highs, after a jump in bank shares and further upbeat data on the labor market, though sharp gains in oil prices limited the advance.

The Dow Jones industrial average gained 28.23 points, or 0.22 percent, to close at 12,980.30. The Standard & Poor's 500 Index gained 8.41 points, or 0.62 percent, to finish at 1,374.09. The Nasdaq Composite Index gained 22.08 points, or 0.74 percent, to end at 2,988.97.

European shares closed higher, boosted by euro zone banks as newly available cheap cash from the European Central Bank helped some sovereign bond yields to fall and further allayed default risks among corporates.

The FTSEurofirst 300 index of pan-European shares ended 1.1 percent higher at 1,086.72 points on Thursday, a level not seen since Feb. 22.

Japan's Nikkei average fell and failed to hold 9,800 for the second day in a row, as domestic investors locked in profits after the index rallied more than 10 percent last month and posted its best February performance in two decades.

The Nikkei closed 0.2 percent lower at 9,707.37 after trading as high as 9,865.75 in the morning session. The index also failed to retain its gains above the key 9,800 on Wednesday.

The broader Topix index fell 0.5 percent to 831.54. More than 2.6 billion shares changed hands, down from a seven-month high of 3.06 billion on Wednesday.