Awwal 04, 1432 H/Feb 07, 2011, SPA -- Strong corporate earnings and mining shares boosted world stocks to a 29-month high on Monday and copper hit a record high on supply disruptions, according to Reuters. Rising commodity prices, along with another uptick in U.S. Treasury yields, deepened concerns about inflationary pressures. Worries about inflation damping down economic growth in emerging markets have been responsible for a shift in assets into developed economies. World equities as measured by the MSCI All-Country World Index advanced 0.55 percent after gaining 2.2 percent last week. The index is up 3.4 percent so far this year, while the MSCI emerging markets index is down 2 percent. "We're in the face of the cycle that suggests stocks prices hold better value than other asset classes," said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut. The FTSEurofirst 300 index of top European shares closed at its highest level since September 2008, up 1 percent at 1176.81, supported by mining companies as copper hit a fresh record on supply concerns from top producer Chile. The Dow Jones industrial average was up 79.85 points, or 0.66 percent, at 12,172.00. The Standard & Poor's 500 Index was up 9.89 points, or 0.75 percent, at 1,320.76. The Nasdaq Composite Index was up 23.33 points, or 0.84 percent, at 2,792.63. Concerns over higher inflation in booming emerging markets, further indications of economic recovery gathering pace in the United States, modest valuations and tentative signs of stability in the euro zone sovereign debt crisis have fueled the outperformance of shares in developed markets. Data from fund tracker EPFR Global showed investors pulled out $7 billion from emerging markets equity funds in the week of Feb 2, their biggest outflow in three years, and much of the money is flowing into developed markets. The euro fell to a two-week low against the dollar after a bigger-than-expected fall in German industrial orders prompted investors to book profits after the single currency's new year rally. The euro was down 0.28 at $1.3547 as German industrial orders fell 3.4 percent in December, worse than forecasts for a 1.5 percent fall, on weak demand outside the euro zone. The dollar was up against a basket of major currencies, with the U.S. Dollar Index up 0.20 percent at 78.20. Against the Japanese yen, the dollar was up 0.30 percent at 82.42. TREASURY YIELDS UP U.S. Treasury debt yields rose to levels seen last spring with 30-year yields briefly piercing 4.75 percent. Dealers said Treasury prices, which have been falling for several days on views the economy and inflation were accelerating, were further weighed down in anticipation of new supply this week. The benchmark 10-year U.S. Treasury note was down 9/32, with the yield at 3.6762 percent. The 2-year U.S. Treasury note was down 3/32, with the yield at 0.7925 percent. Copper hit a record at $10,160. Concerns about supply, especially from top producer Chile, and a recent stream of positive economic data that boosted the outlook for industrial metals demand, combined to push prices higher. Tin also hit a record high on worries about supply problems in top exporter Indonesia. U.S. crude oil fell 0.29 percent, to $88.77 per barrel, and spot gold prices rose 0.07 percent, to $1349.90 an ounce.