GLOBAL MARKETS-Stocks hit record highs; yields highest since March

* Wall Street gains for the week
* Bitcoin dips after hitting record high
* MSCI world equity index up for a 10th day

(Updates with U.S. markets closing levels)
By Caroline Valetkevitch
NEW YORK, Feb 12 (Reuters) - MSCI's gauge of stocks across
the globe rose for a 10th straight session on Friday and hit
another record high as investors anticipated new fiscal aid from
Washington to help the U.S. economy recover, while benchmark
U.S. Treasury yields rose to their highest levels since March.
On Wall Street, all three major indexes hit record closing
highs, with energy, financial and materials leading gains among
S&P sectors as investors snapped up cyclical and under-priced
value stocks. All three indexes also posted gains
for the week.
The Cboe Volatility Index .VIX , Wall Street's fear gauge,
ended below 20 for the first time since February 2020, shortly
before the coronavirus pandemic roiled U.S. stocks. "We're underestimating the lag effect of all the money in
the system as more and more vaccinations are delivered and as
more of the country reopens" from business shutdowns, said
Thomas Hayes, chairman and managing member of hedge fund Great
Hill Capital LLC in New York.
"We are continuing this rotation that would be consistent
with the new business cycle, and as (bond) yields go up, value
and cyclicals will lead," Hayes said.
U.S. President Joe Biden pushed for the first major
legislative achievement of his term, turning to a bipartisan
group of local officials for help on his $1.9 trillion
coronavirus relief plan. The dollar was slightly higher, coming off its strongest
level for the day, as risk appetite returned to the market,
while Bitcoin BTC=BTSP was down 1.3% on the day at $47,356,
after hitting a record high of $49,000. It posted gains of
roughly 20% in a milestone week marked by the endorsement of
major firms such as Elon Musk's Tesla TSLA.O .
The Dow Jones Industrial Average .DJI rose 27.7 points, or
0.09%, to 31,458.4, the S&P 500 .SPX gained 18.45 points, or
0.47%, to 3,934.83 and the Nasdaq Composite .IXIC added 69.70
points, or 0.5%, to 14,095.47.
The U.S. stock market will be closed on Monday because of
the Presidents Day holiday.
The pan-European STOXX 600 index .STOXX rose 0.64% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.37%.
In the bond market, investors closed positions ahead of a
long U.S. weekend, while inflation expectations edged up to a
six-year high. Benchmark 10-year yields US10YT=RR rose to 1.203%, just
pipping an 11-month high of 1.20% that was set on Monday.
The dollar index =USD rose 0.042%, with the euro EUR=
down 0.08% to $1.2118. Oil prices climbed more than 2%, hitting the highest levels
in more than a year on hopes a U.S. stimulus will boost the
economy and fuel demand. Brent crude LCOc1 rose $1.29 to settle at $62.43 a barrel
after rising to a session high of $62.83, the highest since Jan.
22, 2020. U.S. oil CLc1 gained $1.23 to $59.47 after rising to
a session high of $59.82, the highest since Jan. 9, 2020.
Spot gold XAU= dropped 0.1% to $1,823.46 an ounce.

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Emerging markets http://tmsnrt.rs/2ihRugV
Global asset performance http://tmsnrt.rs/2yaDPgn
World FX rates http://tmsnrt.rs/2egbfVh
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