* Mining shares jump on China bets
* Energy sector up but loses steam as Brent cuts gains
* Indexes up: Dow 0.62 pct, S&P 500 0.56 pct, Nasdaq 0.44 pct (Updates to midday)
By Rodrigo Campos
NEW YORK, Nov 21 (Reuters) - U.S. stocks rose 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 broad move higher lost some steam in late morning trading with fewer than four NYSE stocks rising for each one falling. Earlier, the ratio was almost seven-to-one.
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 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 11:45 a.m. EST (1645 GMT) the Dow Jones industrial average rose 109.47 points, or 0.62 percent, to 17,828.47, the S&P 500 gained 11.54 points, or 0.56 percent, to 2,064.29 and the Nasdaq Composite added 20.87 points, or 0.44 percent, to 4,722.74.
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 1.6 percent gain.
The energy sector cut its advance in more than half, up 0.7 percent as Brent crude prices shaved a gain of almost 3 percent down to a 0.3 percent advance. U.S. crude futures turned negative.
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 1.1 percent to $54.11.
GameStop slid 12.8 percent to $37.96 the day after its quarterly revenue and profit came in well below analysts' estimates.
Advancing issues outnumbered declining ones on the NYSE 2,324 to 651, for a 3.57-to-1 ratio; on the Nasdaq, 1,761 issues rose and 852 fell for a 2.07-to-1 ratio favoring advancers.
The S&P 500 was posting 93 new 52-week highs and no new lows; the Nasdaq Composite was recording 103 new highs and 23 new lows.
Editing by Bernadette Baum and Nick Zieminski