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GLOBAL MARKETS-Wall Street rallies, European shares see biggest gain in 2 months

News Snapshot:

Wall Street's main indexes rose and European shares logged their largest one-day gain in two months on Friday as talks on raising the U.S. debt ceiling progressed. Treasury yields climbed as investors rethought how long interest rates were likely to keep rising. Democratic and Republican negotiators were still struggling to reach a deal to raise the U.S. government's debt ceiling with the deadline looming. The MSCI world equity index, which tracks shares in 49 nations, gained 1.09% but was still down 0.51% on the week. U.S. data showed stronger-than-expected consumer spending in April. The increase in personal consumption expenditures (PCE)…

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