Global stocks and the euro rose on Friday and bond yields dipped in Spain and Italy on growing expectations of European Central Bank action to tackle high borrowing costs.

The markets received additional support as French and German governments said they are "determined to do everything to protect the euro zone." The joint statement echoed comments one day earlier by European Central Bank President Mario Draghi.

Expectations of that the Federal Reserve will act to support the U.S. economy grew after data showed U.S. gross domestic product expanded at a 1.5 percent annual rate from April through June, roughly in line with lowered expectations.

"The Fed's concern and mandate is employment. Annualized GDP growth at 1.5 percent cannot begin to mend the unemployment picture," said Joseph Trevisani, chief market strategist at Worldwide markets in Woodcliff Lake, New Jersey.

He said chairman Ben Bernanke and other Fed officials "have all the rationale they need to open the liquidity spigot."

In his statement Draghi appeared to target the bond market as he said watching over ever-rising borrowing costs in certain bloc members was within the central bank's mandate.

Market expectations are high for another round of asset purchases from the Fed, which in the past have sparked rallies in equities and commodities. Markets are also beginning to price in a move from the ECB, possibly in the form of bond purchases. Both central banks hold separate meetings next week.

The Dow Jones industrial average .DJI rose 71.40 points, or 0.55 percent, to 12,959.33. The S&P 500 Index .SPX gained 8.65 points, or 0.64 percent, to 1,368.67. The Nasdaq Composite .IXIC added 16.97 points, or 0.59 percent, to 2,910.22.

The FTSEurofirst 300 .FTEU3 was up 0.8 percent and an MSCI gauge of global equities added 0.9 percent.

Copper prices rose 0.8 percent and Brent and U.S. oil prices rose for a fourth day running.

The euro hit a three-week high versus the U.S. dollar, at $1.2343, steering clear for now from a two-year low hit Tuesday at $1.2040.

Ten-year Spanish bond yields hit a low of 6.731 percent, the lowest since July 17, while the Italian benchmark bond yield dipped below 6 percent for the first time in a week.

In line with a move towards riskier assets, the benchmark 10-year U.S. Treasury note was down 15/32, with the yield at 1.4867 percent.