GLOBAL MARKETS-S&P gains, Treasury yields reverse losses in wake of Fed minutes

* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh

(Updates to market close)
By Stephen Culp
NEW YORK, April 7 (Reuters) - The S&P 500 and the Dow closed
modestly higher and Treasury yields reversed slight losses after
the Federal Reserve, in minutes of its latest meeting, said that
the economic recovery remains far from complete despite showing
signs of progress.
The Nasdaq ended the session nominally lower, and
economically sensitive small caps .RUT and transports .DJT
crossed the finish line well into negative territory.
"Today is noncommittal, not much going on, not much
conviction one way or another," said Robert Pavlik, senior
portfolio manager at Dakota Wealth in Fairfield, Connecticut.
"We're in a wait-and-see period, in that transition between not
a lot happening, just before earnings begin in a couple of
weeks."
The U.S. Federal Reserve released the minutes from its most
recent monetary policy meeting, in which the participants
expressed caution about ongoing risks of the pandemic and
reiterated the Fed's commitment to an accommodative stance until
the rebound was more secure. The minutes contained few surprises and appear to have been
baked in to the markets.
"The Fed (minutes were) more of the same, it will be a while
before we see changes in their policy decisions," Pavlik added.
"You saw a little bit of a bounce in the markets but it's
faded."
The Dow Jones Industrial Average .DJI rose 16.02 points,
or 0.05%, to 33,446.26, the S&P 500 .SPX gained 6.01 points,
or 0.15%, to 4,079.95 and the Nasdaq Composite .IXIC dropped
9.54 points, or 0.07%, to 13,688.84.
European stocks inched lower, closing just below record
highs, while optimism over speedy inoculations and the soft
pound sterling powered the UK's exporter-laden FTSE 100's
.FTSE 0.9% advance. The pan-European STOXX 600 index .STOXX lost 0.22% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.07%.
Emerging market stocks lost 0.61%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.57%
lower, while Japan's Nikkei .N225 rose 0.12%.
U.S. Treasury yields regained some ground after dipping
following the release of the Fed minutes, which reinforced
expectations that interest rates will remain near zero for some
time. Benchmark 10-year notes US10YT=RR last fell 4/32 in price
to yield 1.6686%, down from 1.656% late on Tuesday.
The 30-year bond US30YT=RR last fell 25/32 in price to
yield 2.3549%, up from 2.316% late on Tuesday.
The dollar slightly advanced against a basket of world
currencies after oscillating for much of the session, rising in
the wake of the Fed minutes release. The dollar index .DXY rose 0.08%, with the euro EUR=
down 0.03% to $1.1872.
The Japanese yen weakened 0.05% versus the greenback at
109.83 per dollar, while the British pound GBP= was last
trading at $1.3733, down 0.65% on the day.
Crude oil prices rose on an improving global economic
outlook, but were held in check by rising gasoline inventories.
U.S. crude CLcv1 settled at $59.77 per barrel, up 0.74%,
while Brent LCOcv1 gained 0.67% to settle at $63.16 per
barrel.
Gold prices dipped as economic optimism drew investors away
from the safe-haven metal in favor of riskier assets.
Spot gold XAU= dropped 0.4% to $1,737.11 an ounce. U.S.
gold futures GCv1 settled 0.1% lower at $1,741.6.

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
How financial markets have performed over the last week https://tmsnrt.rs/3cTyu42
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