(Updates to U.S. close)

* MSCI World Index, S&P 500 both up 1.5%;

* Wall St extends recovery at the end of volatile week

* Some investors expect markets to stay choppy

* Global asset performance http://tmsnrt.rs/2yaDPgn

By Koh Gui Qing

NEW YORK, May 14 (Reuters) – U.S. stocks rallied in a sharp rebound on Friday as investors set aside inflation worries and bought shares hammered by the week’s volatility, with the shift back into riskier assets dragging on the dollar.

The jump in shares was in step with buoyant global stocks as investors put on the back burner concerns that rising prices could lead the U.S. Federal Reserve to raise interest rates sooner than expected and reduce the gush of cash that has propelled financial markets.

The Dow Jones Industrial Average climbed 1%, the S&P 500 jumped 1.5%, the most on any day since March 26, and the Nasdaq Composite leaped 2.3%, its biggest one-day rise in about two months.

The MSCI World Index,…

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