By Riva Gold

Stocks in Europe and Asia jumped Wednesday as a climb of more than 100 points in the Dow Jones Industrial Average rippled across the globe.

The Stoxx Europe 600 rose 0.7% in the early minutes of trading, following a 1.4% rise in Japan and modest moves higher elsewhere in Asia.

Futures pointed to a 0.2% opening gain for the S&P 500, after both the S&P 500 and Nasdaq Composite closed at records on Tuesday. Mining and manufacturing companies helped lift the Dow to its highest close in two weeks, with some traders attributing the rise to President Donald Trump's plans to boost infrastructure projects.

On Wednesday, Europe's basic resources sector led gains after closing atits highest since 2014, supported by a climb in Chinese iron-ore futures and copper prices. The auto, banking, and construction and materials sectors also outperformed the broader market.

In currencies, the WSJ Dollar Index held onto Tuesday's gains with the dollar last down 0.2% against the yen but up 0.1% against the British pound and the euro. The Mexican peso fell 0.2% with President Trump expected to announce plans shortly to expedite construction of a wall along the Mexican border.

In government bond markets, the yield on the 10-year U.S. Treasury note was steady at 2.474% from 2.471% after its biggest daily gain of the year, while Japanese government bonds came under selling pressure as flows to haven assets continued to reverse.

10-year German bund yields rose to 0.357% from 0.325% after a top European Central Bank official said Tuesday the bank should start to wind down its massive bond-purchase program soon.

"Iam...optimistic that we can soon turn to the question of an exit" from easy-money policies, said Sabine Lautenschläger, who sits on the ECB's executive board.

Chinese government bond yields neared their highest levels since 2015 after the central bank unexpectedly raised interest rates on a type of special loans to certain financial institutions.

Shen Hong

and Tom Fairless contributed to this article.

(END) Dow Jones Newswires

January 25, 2017 04:08 ET (09:08 GMT)

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