U.S. stocks and oil prices turned south on Friday as investors questioned recent rallies in the face of economic data that still shows a mixed picture of when economies will rise from a deep global recession.

Gold tracked back from its lows on Thursday as the dollar retreated from earlier highs, with worse-than-expected U.S. macro data and weaker European equity markets fuelling doubts a recent winning streak was sustainable.

World stocks hit five-week highs on Tuesday on optimism a U.S. plan to purge toxic assets from banks’ balance sheets could ease the misery of the sector, but the rally also provided investors a chance to take profits.

World stocks climbed strongly on Monday for a fifth session running, lifted by hopes that the U.S. economic downturn may be bottoming out as investors sought to take advantage of cheaper equities.

Fears of a global recession and persistent concerns about the banking sector lifted the U.S. dollar on Monday as global stocks mostly faltered and oil prices shot higher on expectations of another OPEC output cut.

Gold rose in Europe on Friday, building on the previous session’s near 3 percent gains, as Wall Street’s slide to 12-year lows curbed appetite for equities and the dollar tumbled ahead of U.S. jobs data later this session.

Gold declined on Wednesday, extending the previous session’s 3 percent losses, after Federal Reserve Chairman Ben Bernanke’s reassurances on the outlook for inflation and the economy cooled risk aversion.

U.S. stocks tumble, Dow at lowest level in six years… European stock index hits six-year low… Tokyo stock index close lowest for 25 years…

European shares gain for third consecutive session… Euro up against dollar, yen as risk aversion ebbs …  SPDR Gold Trust ETF, iShares silver ETF at record

MSCI world equity index down 0.85 pct at 212.56… Rally after UK bank rescue package evaporates… S&P ratings downgrade on Spain hits euro