GLOBAL MARKETS-Wall St gains in pivot back to tech, crude extends its rally

* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

(Updates to U.S. market open, changes dateline to NEW YORK from
LONDON, changes byline)
By Stephen Culp
NEW YORK, Nov 11 (Reuters) - U.S. stocks advanced and crude
prices extended their rally on Wednesday, on hopes of potential
COVID-19 vaccines and economic revival, though spiking
coronavirus infections raised the specter of new lockdowns and
dampened investor optimism.
The blue-chip Dow was only nominally higher.
A return to tech-focused market leaders, which thrived
during COVID shutdowns but sold off earlier in the week as
investors pivoted to economically-sensitive cyclical stocks, put
the Nasdaq out front.
"It's a pause in the pivot," said Peter Cardillo, chief
market economist at Spartan Capital Securities in New York.
"We're seeing some profit-taking and tech is rebounding,
possibly from an oversold condition."
The prospect of a return to normal appeared to grow after
Pfizer Inc's PFE.N announcement on Monday that its COVID-19
vaccine candidate, developed with BioNTech BNTX.O , showed a
90% success rate in preventing infection during trials.
The news stoked investor risk appetite across the board, and
sent oil prices, building on two straight sessions of sharp
gains, higher.
But the optimism could be waning. The Dow Jones
Transportation index .DJT , seen by many as a barometer of
broader economic health, was sharply lower.
While on Tuesday the yield of benchmark U.S. 10-year
Treasuries reached the highest level since March, The U.S. bond
market was closed on Wednesday in observance of Veterans' Day.
The Dow Jones Industrial Average .DJI rose 8.31 points, or
0.03%, to 29,429.23, the S&P 500 .SPX gained 19.19 points, or
0.54%, to 3,564.72 and the Nasdaq Composite .IXIC added 157.50
points, or 1.36%, to 11,711.35.
The momentum of vaccine hopes boosted European shares higher
for the third straight session, offsetting worries over spiking
coronavirus infections. The pan-European STOXX 600 index .STOXX rose 1.00% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.53%.
Emerging market stocks lost 0.22%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.15%
higher, while Japan's Nikkei .N225 rose 1.78%.
Crude oil prices extended their rally, building on gains
sparked by the notion of reviving demand and a
steeper-than-expected decline in U.S. inventories. U.S. crude CLcv1 rose 2.9% to $42.56 per barrel and Brent
LCOcv1 was last at $44.75 per barrel, up 2.61% on the day.
The dollar index gained ground as riskier currencies lost
against the greenback. The dollar index .DXY rose 0.43%, with the euro EUR=
down 0.53% to $1.1751.
The Japanese yen weakened 0.31% versus the greenback at
105.65 per dollar, while Sterling GBP= was last trading at
$1.3197, down 0.56% on the day.
Gold dipped, hurt by a stronger dollar and increased risk
appetite which drew investors away from the safe-haven metal.
Spot gold XAU= dropped 0.7% to $1,863.56 an ounce.

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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 Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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