Dec. 9 (Bloomberg) -- Stocks gained, driving U.S. and European benchmark indexes to two-year highs, after improving data on the American, Australian and Japanese economies. Treasuries rose, with the 10-year yield retreating from a six- month high, and the euro weakened. The Standard & Poor's 500 Index climbed 0.3 percent to 1,232.42 at 9:39 a.m. in New York and the Stoxx Europe 600 Index rose for a fourth day, gaining 0.4 percent. Crude oil erased gains after approaching $90 a barrel and rubber traded near a 30-year high. The Australian dollar strengthened against all 16 of its most-traded counterparts, while the euro declined against 14 of 16 after Ireland was downgraded by Fitch Ratings. Ten-year Treasury note yields dropped seven basis points to 3.21 percent. U.S. and European benchmark stock gauges traded at their highest levels since September 2008 as investor optimism increased after Japan's economy grew more than the government initially estimated and Australian employers added more than double the number of workers forecast by economists. First-time U.S. unemployment claims fell a more-than-forecast 17,000 to 421,000 last week and the four-week moving average dropped to the lowest level in more than two years. "We're seeing more clarity everywhere," said Russ Koesterich, the San Francisco-based head of investment strategy for scientific active equities at BlackRock Inc., which oversees $3.45 trillion as the world's largest asset manager. "It's good to know that the labor market, which typically trails in a recovery, is gaining traction. The growth in Asian economies is also a positive," he said. "It will probably be a fairly good environment for equities over the next 6 to 12 months." Jobless Claims Gains in the S&P 500 were led by financial and energy companies, leading an advance in the index's 10 main industry groups. Applications for jobless benefits decreased to 421,000, compared with the median forecast of economists surveyed by Bloomberg News for 425,000 new claims. Labor Department figures showed. The four-week moving average, a less-volatile measure, dropped to the lowest level in more than two years. A Bloomberg poll showed the majority of Americans are dissatisfied with the Federal Reserve, saying the central bank should either be brought under tighter political control or abolished outright. The Bloomberg National Poll, conducted Dec. 4-7, underlined the extent to which the central bank's standing has suffered as it has come under fire in Congress, first from Democrats for regulatory lapses before the financial crisis and then from Republicans for failing to revive an economy in which the jobless rate hovers near 10 percent. Portugal, Spain Stocks Portuguese and Spanish stock markets led European equities higher. Bank shares rallied, with BNP Paribas SA, France's largest lender, jumping 3.3 percent and Barclays Plc climbing 4.3 percent. ASML Holding NV advanced 6.6 percent after raising its forecast for orders in the fourth quarter. Gains were limited by automakers after Xiong Chuanlin, vice secretary-general of the China Automobile Industry Association, said in Beijing that the government may end tax incentives for car purchases next year. Volkswagen AG and Bayerische Motoren Werke AG fell more than 3 percent. The MSCI Asia Pacific Index gained 0.7 percent. Mitsubishi UFJ Financial Group Inc., Japan's biggest publicly traded bank, rose 3.7 percent, while Westpac Banking Group Ltd., Australia's second-largest bank by market value, climbed 2.4 percent. The MSCI Emerging Markets Index of stocks advanced 0.5 percent, recovering from a 1.4 percent loss yesterday, as South Korea's Kospi rose 1.7 percent. The Shanghai Composite Index declined 1.3 percent to the lowest level since Oct. 11 after the Chinese Academy of Social Sciences said property prices are inflated.

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