* European stocks fall 1.9%; S&P 500 down less than 1%
* Dollar ticks up after touching lowest since early March
* Oil drops with eyes on India coronavirus surge
(Updates prices, adds comment)
By Rodrigo Campos
NEW YORK, April 20 (Reuters) - A gauge of stock prices
across the world was on track on Tuesday for its largest daily
drop since early March as concern lingered over rising global
COVID-19 cases, while oil prices also fell.
The dollar index ticked up after earlier touching its lowest
level since March 3 and Treasury yields fell, though they still
held above last week's more than one-month lows.
India reported 1,761 deaths from COVID-19 overnight, its
highest daily toll, while Canada and the United States extended
a land-border closure for non-essential travelers.
On Wall Street, travel stocks weighed on sentiment, with
airline and cruise operators falling sharply.
"Rising COVID-19 cases around the world is a risk," said
Paul Nolte, portfolio manager at Kingsview Asset Management in
Chicago. "Investors may be taking a little bit of profit as they
recognize that a lot of 'reopening trade' may already be priced
into the markets at this point."
The Dow Jones Industrial Average .DJI fell 289.67 points,
or 0.85%, to 33,787.96, the S&P 500 .SPX lost 30.87 points, or
0.74%, to 4,132.39 and the Nasdaq Composite .IXIC dropped
138.78 points, or 1%, to 13,775.98.
The pan-European STOXX 600 index .STOXX lost 1.90% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.94%.
Emerging market stocks lost 0.27%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.25%
lower, while Japan's Nikkei .N225 lost 1.97%.
After touching its lowest level in nearly seven weeks
overnight, the dollar index =USD was slightly higher.
The currencies and interest rate markets could be relatively
calm for another few weeks as the Federal Reserve and the
European Central Bank each take their time adjusting their rate
policies, said Mazen Issa, senior currency strategist at TD
Securities.
"There really isn't a strong catalyst in either direction
this month to really break us out of ranges," Issa said.
The dollar index =USD rose 0.169%, with the euro EUR=
unchanged at $1.2033.
The Japanese yen strengthened 0.09% versus the greenback at
108.06 per dollar, while Sterling GBP= was last trading at
$1.3936, down 0.34% on the day.
Tufts University economist Brian Bethune said the lower
yields stood in contrast with their level close to 1.8% on March
30 and showed investors worried that public health gains against
the virus have stalled in Brazil, Canada and other countries.
Even though the U.S. economic recovery looks strong, Bethune
said, "There's a repricing of what the international environment
is going to look like."
Benchmark 10-year Treasury notes US10YT=RR last rose 9/32
in price to yield 1.5677%, from 1.599% late on Monday.
Concern over rising COVID-19 cases in India continued to
weigh on the oil market.
"Given India's position as a major crude oil importer... new
restrictions would be very bad for the energy complex," said Bob
Yawger, director of energy futures at Mizuho.
U.S. crude CLc1 recently fell 1.21% to $62.44 per barrel
and Brent LCOc1 was at $66.50, down 0.82% on the day.
Spot gold XAU= added 0.4% to $1,777.06 an ounce. Silver
XAG= fell 0.08% to $25.79.
Bitcoin BTC=BTSP last rose 1.61% to $56,590.56.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
World FX rates YTD http://tmsnrt.rs/2egbfVh
Global asset performance http://tmsnrt.rs/2yaDPgn
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>