GLOBAL MARKETS-Wall Street advances as Treasury yields dip, dollar softens

(Updates to afternoon)
By Stephen Culp
NEW YORK, April 8 (Reuters) - Technology shares led Wall
Street higher on Thursday and Treasury yields extended their
pull-back from recent peaks as market participants digested the
U.S. Federal Reserve's vow to stay the course with its dovish
monetary policy.
The Nasdaq was around 1% higher and the S&P 500 was on
course to hit a new record high. The blue-chip Dow was up more
modestly, its gains capped by financials and industrials. .N
"Interest rates have backed off and moderated, and reignited
the interest in technology shares," said Jamie Cox, managing
partner for Harris Financial Group in Richmond, Virginia.
European stocks closed at all-time highs on growing optimism
about a global stimulus-driven economic revival and reassurances
from the Fed.
"Europe has not been able to get out of its own way for a
long time," Cox added. "It's nice to see it pick up a bit."
"Now is the time for value stocks and European indices are
chock full of them."
Minutes of the Fed's last policy meeting, published on
Wednesday, showed board members felt the economy was still short
of target and reiterated their accommodative monetary stance.
"The Fed have said they are watching inflation and took the
air out of the situation quite a bit," Cox said. "The market got
what it wanted out of the Fed."
Fed Chairman Jerome Powell expanded on that topic on
Thursday at an International Monetary Fund event, saying that,
while a spending surge as the economy reopens could cause a
momentary surge in prices, he expects it to be temporary and it
will not constitute inflation. A report from the U.S. Labor Department showed jobless
claims unexpectedly increased last week, a blemish among a
string of otherwise upbeat recent economic data. The Dow Jones Industrial Average .DJI rose 27.84 points,
or 0.08%, to 33,474.1, the S&P 500 .SPX gained 17.29 points,
or 0.42%, to 4,097.24 and the Nasdaq Composite .IXIC added
133.59 points, or 0.98%, to 13,822.43.
The pan-European STOXX 600 index .STOXX rose 0.58% and
MSCI's gauge of stocks around the globe .MIWD00000PUS gained
0.51%.
Emerging market stocks rose 0.37%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.6%
higher, while Japan's Nikkei .N225 lost 0.07%.
U.S. Treasury yields fell on Thursday, pressured by
weaker-than-expected initial weekly jobless claims and continued
short-covering following a sell-off in the last month that took
benchmark 10-year rates to their highest levels in more than a
year. Benchmark 10-year notes US10YT=RR last rose 6/32 in price
to yield 1.6333%, from 1.654% late on Wednesday.
The 30-year bond US30YT=RR last rose 8/32 in price to
yield 2.3238%, from 2.336% late on Wednesday.
The dollar dropped to a two-week low against a basket of
currencies, tracking Treasury yields following the surprise rise
in U.S. unemployment applications. The dollar index .DXY fell 0.43%, with the euro EUR= up
0.39% to $1.1916.
The Japanese yen strengthened 0.57% versus the greenback at
109.24 per dollar, while sterling GBP= was last trading at
$1.3738, up 0.03% on the day.
Crude oil prices were weighed down by a jump in U.S.
gasoline stocks, as demand remained sluggish despite signs of an
economic rebound. U.S. crude CLcv1 fell 0.28% to settle at $59.60 per
barrel, while Brent LCOcv1 was last at $63.19, up 0.05% on the
day.
Gold prices jumped, scaling a one-month peak as the Fed's
assurances that it will maintain its accommodative policy
weighed on Treasury yields and the greenback. Spot gold XAU= added 1.0% to $1,755.08 an ounce.

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