* Major stock indexes set for fifth week of gains
* Mining shares jump on China bets
* Crude prices rise sharply, energy shares follow
* Dow, S&P 500, Nasdaq up 0.8 pct (Updates to morning trading)
By Rodrigo Campos
NEW YORK, Nov 21 (Reuters) - U.S. stocks rallied on Friday, setting up a fifth consecutive week of gains on Wall Street, after China's central bank cut its benchmark interest rate and its euro zone peer announced asset purchases in efforts to boost each region's economy.
The move higher was broad with nine of the top S&P 500 sectors higher and more than six NYSE stocks rising for each one falling.
The People's Bank of China said it was cutting one-year benchmark lending rates for the first time in more than two years.
The move came after European Central Bank head Mario Draghi said "excessively low" inflation had to be raised quickly by whatever means necessary, rekindling expectations the ECB will move to stimulate the euro zone economy.
The ECB said it started buying asset-backed securities in a move to encourage banks to lend and revive the economy.
"To the extent that you got dueling positive monetary policy statements in two places that we were concerned about a slowdown in economic growth, that's very good," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
Equity investors have expected other major central banks to step up their accommodative policies as the U.S. Federal Reserve scales down its stimulus, which has been a pillar of a years-long bull market on Wall Street.
At 10:29 a.m. EST (1529 GMT) the Dow Jones industrial average rose 139.17 points, or 0.79 percent, to 17,858.17, the S&P 500 gained 16.26 points, or 0.79 percent, to 2,069.01 and the Nasdaq Composite added 35.75 points, or 0.76 percent, to 4,737.62.
Shares of miners, a proxy for an expected pickup in Chinese economic activity, were among the largest boosts to the S&P 500 with a 1.8 percent gain.
The energy sector was up 1.3 percent as Brent crude prices rose 1.5 percent to $80.49 a barrel after China's rate move and on speculation OPEC members could agree next week to reduce production.
Separately, the ECB said it dropped Citigroup from its experts' working group on foreign exchange, days after the bank was fined by U.S. and UK regulators for failing to stop traders from trying to manipulate the currency market. Citi shares, however, rose 1.3 percent to $54.20.
GameStop slid 14.2 percent to $37.35 the day after its quarterly revenue and profit came in well below analysts' estimates.
Advancing issues outnumbered declining ones on the NYSE by 2,499 to 395, for a 6.33-to-1 ratio; on the Nasdaq, 1,889 issues rose and 626 fell for a 3.02-to-1 ratio.
The S&P 500 was posting 92 new 52-week highs and no new lows; the Nasdaq Composite was recording 100 new highs and 18 new lows.
Editing by Bernadette Baum and Nick Zieminski