GLOBAL MARKETS-Greek vote boosts markets; commodities rise

* Greece passes austerity plan, easing default fears

* World stocks rise for 3rd day, US oil up on data, Greece

* Commodities fueled by fall in dollar, risk appetite

By Manuela Badawy

NEW YORK, June 29 (Reuters) - World stocks rose for the third straight day and oil prices jumped on Wednesday after Greece's parliament approved the first of two austerity measures aimed at preventing the country from going bankrupt.

Gold and other commodities rose on investors' appetite for riskier assets, while safe-havens lost some of their appeal as Greek Prime Minister George Papandreou won a key battle to ensure the disbursement of a 12 billion euro tranche from a bailout program the country needs to avoid default next month.

"Certainly the fear that Greece is going to default now has subsided," said Ken Polcari, managing director of ICAP Equities in New York. "Although it is still not a done deal -- but the fact is, it is certainly moving along, so that is obviously positive."

Greece's government must now win approval on Thursday for legislation detailing specific implementation measures for its 28 billion euro austerity package. For more see [ID:nLDE75S1KY] [ID:nL6E7HT0PS]

"Risk seems to be back in the market after weeks of risk-off. That's helping the equities move higher," said Eric Marshall, director of research at Hodges Capital Management in Dallas.

The MSCI All-Country World Index <.MIWD00000PUS> climbed 1.41 percent in its third session of gains. In Europe, the FTSEurofirst 300 index <.FTEU3> of top shares hit its highest close in two weeks, up 1.65 percent.

Major Wall Street indexes closed higher on the Greek vote and on a mildly encouraging U.S. report on pending home sales. The S&P 500 index is up more than 2 percent this week.

Pending home sales rose a stronger-than-expected 8.2 percent in May, but a glut of unsold properties remained a drag on the housing market. [ID:nN1E75R1XG]

The Dow Jones industrial average <.DJI> closed up 72.73 points, or 0.60 percent, at 12,261.42. The Standard & Poor's 500 Index <.SPX> gained 10.74 points, or 0.83 percent, at 1,307.41. The Nasdaq Composite Index <.IXIC> rose 11.18 points, or 0.41 percent, at 2,740.49.

U.S. crude oil rose $1.88, or 2.02 percent, to settle at $94.77 per barrel on data showing sharp drops in U.S. crude oil and gasoline stockpiles last week, as well as on the Greek vote.

The euro rose 0.5 percent to 1.4434 against the dollar, near the session peak of $1.4447, on expectations the next Greek vote will pass on Thursday. But concerns over whether the government can implement the measures could limit gains.

The U.S. dollar index <.DXY>, a basket of major trading partner currencies, slid 0.55 percent.

Commodities, which are priced in the U.S. currency on international markets, rose, as they often do when the dollar falls.

U.S. Treasury yields reached their highest levels in a month as risk aversion was lifted after Greece's austerity measures were approved. A $29 billion sale of new 7-year notes also drew weak demand, the third consecutive soft auction. Most analysts attributed weakness to optimism over Greece, rather than fundamental fears over U.S. debt.

The benchmark 10-year U.S. Treasury note was down 21/32, its yield at 3.1118 percent. The 2-year U.S. Treasury note was unchanged, yielding 0.474 percent. The 30-year U.S. Treasury bond was down 26/32, its yield at 4.3747 percent.

Spot gold traded up to $1510.40, just below an intraday high of $1,512.31, countering losses earlier in the week that took the price below $1,500. COMEX gold rose 0.61 percent to $1,509.4.

Gold usually gains in periods of greater investor worry, but the Greek debt crisis and its impact on the euro have caused bullion to act less as a safe-haven asset and more as a commodity.

Copper hit its highest in nearly two months, with three-month copper on the London Metal Exchange closing up 2.7 percent at $9,320 a tonne from $9,072.50 at the close on Tuesday, its highest since May 4, aided by buying related to technical factors.

Demand for the safety of German debt receded, at least temporarily, after the approval of the Greek austerity plan.

The cost of insuring against a Greek default was unchanged after the package was passed, and ING models showed investors still expect to receive only 60 percent of the face value of any three-year Greek bonds they hold to maturity.

The spread between Greek government debt and German benchmark Bunds narrowed to 13.614, from 13.709 percent on Tuesday. (Additional reporting by Walter Brandimarte, Chuck Mikolajczak, Angela Moon, Daniel Bases and Amanda Cooper; Editing by Dan Grebler and Padraic Cassidy)