NEW YORK – Global equity benchmarks and oil prices rose Friday while safe havens such as the dollar and US Treasuries dipped as hopes for a global economic recovery overshadowed the continued blockage of one of the world’s most vital shipping lanes.

More than 30 oil tankers are waiting to traverse the Suez Canal, which has been blocked since Wednesday after a container ship ran aground. It may take weeks to free the beached vessel, though analysts said that low seasonal demand for oil may mitigate the impact of the blockade.

The dollar rose to a new nine-month high against the Japanese yen of 109.44 yen, reflecting investor expectations of robust US economic growth as it accelerates its vaccine rollout. Overall, the dollar index edged 0.013 percent lower against a basket of six currencies, with the euro up 0.14 percent to US$1.1781.

“We left 2020 with the validation of the consensus view the dollar would weaken,” said Vincent Manuel, chief investment officer at Indosuez Wealth Management.

“We have woken up in 2021 facing the reality that the US is growing much quicker than Europe … so we have a massive divergence.”

MSCI’s gauge of stocks across the globe gained 0.65 percent following broad gains in Europe and Asia.

Business morale in Europe’s biggest economy, Germany, is back to its best in almost two years thanks to recovering global demand for manufactured goods, data on Friday showed.

In morning trading on Wall Street, the Dow Jones Industrial Average rose 132.6 points, or 0.41 percent, to 32,752.08, the S&P 500 gained 13.94 points, or 0.36 percent, to 3,923.46 and the Nasdaq Composite added 24.58 points, or 0.19 percent, to 13,002.26.

Bond yields were slightly up on the day, but 10-year Treasuries were on track for their biggest weekly yield drop since June.

Benchmark 10-year notes fell 16/32 in price to yield 1.6689 percent, from 1.614 percent late on Thursday.

Weekly money flow data from Bank of America showed global investors have been darting for safety this week amid concerns over rising coronavirus cases in Europe and the potential for global shipping to slow given the blockade of the Suez Canal. They pumped US$45.6 billion into cash funds, the largest since April 2020 when COVID-19 was spreading fast.

Turkey’s markets were struggling to settle after the lira’s near 10 percent slump triggered by President Tayyip Erdogan’s latest central bank chief sacking, which has raised worries about a full-blown crisis that would require capital controls.

Blue chip Chinese stocks rebounded more than 2 percent though after a three-day losing streak, which, like emerging market shares generally, had left them at the lowest level of the year.

US crude rose 3.53 percent to US$60.63 per barrel and Brent was at $64.06, US$p 3.41 percent on the day.