* Peru"s sol sits out EMFX rally, down 0.1% * Colombian peso jumps 1% as oil price rise * Ambev, Vale weigh on Bovespa * Alsea, Cemex lift Mexico"s benchmark index By Susan Mathew July 29 (Reuters) - Most Latin American stocks and currencies rallied on Thursday, with Brazil"s real jumping 1% to extend gains to a fourth straight session against a dollar dented by Federal Reserve Chair Jerome Powell maintaining his dovish stance. Sentiment also got a lift from strong economic growth numbers from the United States, and attempts by China to calm investor jitters spurred by regulatory actions there. As the dollar declined following the Fed"s decision, MSCI"s index of Latam currencies rose 1.6%, set for its best session in 12 weeks, while its stocks counterpart hit a two-week high, up 1.1%.{FRX/} Brazil"s real hit two-week highs. Upbeat economic data and expectations of tighter monetary policy have lifted the currency of late, with latest set showing Brazil registered its strongest formal job growth in the first half of the year since 2010. But political tensions and the COVID-19 crisis have capped gains. The number of COVID-19 infections in Brazil is approaching 20 million, while the death toll is above 550,000. "In view of the further development of the (COVID-19) pandemic, there are unfortunately still considerable uncertainties, which I believe (Brazil"s central bank) cannot ignore," said Alexandra Bechtel, an FX and EM analyst with Commerzbank. "In view of the high interest rate expectations in the market, I therefore think there is more potential for a setback for the BRL." In Peru, socialist Pedro Castillo assumed the presidency on Wednesday. He reassured investors there was "not the remotest" plan to nationalize the mining industry but said he would seek "a new pact" with private investors. Market experts await the make-up of his cabinet to derive projections for economic indicators. Markets in Peru were closed for independence day holiday. Investors in the world"s second biggest copper producer have been fearful of changes to the mining industry as Castillo plans to rewrite the constitution. Rising oil prices backed currencies of crude exporters, with Mexico"s peso hitting two-week highs and Colombia"s currency jumping 1%. Among regional shares, Brazil"s Bovespa lagged as brewer Ambev and iron ore miner Vale dropped after results. Gains on Mexico"s IPC index were led by restaurant operator Alsea after it reported a surprise profit, while cement producer Cemex SAB de CV rose 0.7% after reporting a profit for the second quarter compared with a loss a year ago. Key Latin American stock indexes and currencies at 1428 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1295.33 2.14 MSCI LatAm 2602.56 1.1 Brazil Bovespa 125503.94 -0.62 Mexico IPC 51688.27 0.67 Chile IPSA 4216.45 1.02 Argentina MerVal 66742.66 0.284 Colombia COLCAP 1249.02 0.47 Currencies Latest Daily % change Brazil real 5.0632 0.92 Mexico peso 19.8252 0.41 Chile peso 757.5 1.06 Colombia peso 3829 1.01 Peru sol 3.925 0.00 Argentina peso 96.6600 -0.04 (interbank) (Reporting by Susan Mathew in Bengaluru;) Our Standards: The Thomson Reuters Trust Principles.