GLOBAL MARKETS-Global stocks rise after S&P correction while safe-haven gold touches record

* Global stock index eyes biggest weekly loss since Dec * Gold touches all-time high near $3,000 an ounce * U.S. stocks rise after hitting correction * German bond yields rise on prospects of fiscal deal * Investors remain nervous over escalating global trade tensions (Updates prices after U.S. stock market open) By Sinéad Carew and Naomi Rovnick NEW YORK/ LONDON, March 14 (Reuters) - Stock indexes around the world were angling to end a bumpy week on a positive note although safe-haven gold hit a record high with investors still showing some signs of anxiety about the economic impact of tariffs. In Europe, German government bond yields and the euro rose on Friday with German Chancellor-in-waiting Friedrich Merz saying he had secured crucial backing of the Greens for a massive increase in state borrowing. Germany's news also helped boost U.S. Treasury yields, according to Garrett Melson, portfolio strategist at Natixis Investment Managers. He attributed equity gains on Friday to the fact that the S&P 500 confirmed it was in a correction on Thursday. "It's a reflection of the pain we've already endured in markets. It's been a sharp decline from the highs in mid-February," said Melson. "You're seeing some signs of it at least getting an intermediate low and a little bit of a relief rally," he said. "There's not really anything meaningful in the way of news to really drive a rally other than just the technicals." On Wall Street, at 11:46 a.m. the Dow Jones Industrial Average .DJI rose 571.88 points, or 1.40%, to 41,385.45 while the Nasdaq Composite .IXIC rose 407.61 points, or 2.36%, to 17,710.63. The S&P 500 .SPX rose 102.39 points, or 1.85%, to 5,623.87. The benchmark index finished Thursday more than 10% below its February record close after U.S. President Donald Trump threatened to impose a 200% tariff on European wine and spirit imports, the latest trade war escalation after the European Union retaliated against U.S. tariffs on steel and aluminium. This was just a week after the Nasdaq .IXIC confirmed a correction, also with tariff and growth uncertainties in play. MSCI's broadest gauge of global stocks .MIWO00000PUS rose 13.19 points, or 1.61%, to 834.78 on Friday but was still eyeing its biggest weekly fall since December. Also on Friday, Spot gold XAU= breached $3,000 an ounce for the first time in early London trading before losing ground. The precious metal is still up more than 13% year-to-date, as trade wars and growth worries boosted its safe-haven appeal. Spot gold XAU= fell 0.19% to $2,981.99 an ounce. U.S. gold futures GCc1 rose 0.07% to $2,986.50 an ounce. The yield on the benchmark German 10-year Bunds DE10YT=RR rose 2.6 basis points to 2.88%, from 2.854% late on Thursday on hopes the German fiscal agreement would revive growth. In U.S. Treasuries, yields rose as the stock market recovery reduced safe-haven demand for U.S. government debt. The yield on benchmark U.S. 10-year notes US10YT=RR rose 3 basis points to 4.306%, from 4.276% late on Thursday while the 30-year bond US30YT=RR yield rose 2.1 basis points to 4.617%. The 2-year note US2YT=RR yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 5.6 basis points to 4.009%, from 3.953% late on Thursday. In currencies, the euro gained broadly due to the reports about Germany. Against the dollar, the euro EUR= was up 0.18% at $1.0871 while against the pound EURGBP=D3 it gained 0.47% to 84.17 pence and rose 0.56% to 0.96265 against the Swiss franc EURCHF=EBS . The dollar gained 0.42% against the Japanese yen JPY= to 148.43 and against the Swiss franc CHF= , the greenback strengthened 0.37% to 0.885, on hopes the U.S. government would avoid a shutdown over the weekend. Oil prices regained some ground on Friday after falling sharply in the previous session, as investors weighed diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets. U.S. crude CLc1 rose 0.59% to $66.94 a barrel and Brent LCOc1 rose to $70.25 per barrel, up 0.53% on the day. Earlier in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed up almost 1% but lost almost 1.5% for the week. (Reporting by Samuel Indyk and Naomi Rovnick in London and Rae Wee in Singapore; Editing by Kate Mayberry, Rachna Uppal, Andrew Heavens and Aurora Ellis) ((Samuel.Indyk@thomsonreuters.com))