GLOBAL MARKETS-Dollar falls vs yen, stocks advance; focus on rates outlook, earnings

Dow Jones Industrial Average +1.18%
S&P 500 index +2.11%
NASDAQ +2.96%

Dow Jones Industrial Average

DJI

39069.11

+1.18%

S&P 500 index

SPX

5087.03

+2.11%

NASDAQ

IXIC

16041.62

+2.96%

Wall Street higher in midday trading

Oil prices ease as investors monitors Mideast developments

Fed, BoE and BOJ all hold meetings this week

Updates with midday U.S. markets activity, adds NEW YORK dateline

By Caroline Valetkevitch

- Global stock indexes were higher with the Dow Jones industrial average up more than 1% Monday as investors await further earnings reports, while the dollar fell to a two-week low against the yen ahead of central bank meetings.

oil prices dropped partly as fears eased about the Israel-Hamas war disrupting supply from the region, and U.S. Treasury yields rose before the Treasury Department's update on its expected financing need for the current quarter.

Investors are awaiting the outcome of meetings at the Bank of Japan (BOJ) on Tuesday, the Federal Reserve on Wednesday and the Bank of England (BoE) on Thursday.

The recent surge in global interest rates has heightened pressure on the BOJ to change its bond yield control policy, as speculation mounts that the central bank could hike its existing yield cap at this week's meeting.

Also ahead is the U.S. monthly jobs report, due Friday.

The yen was little changed against the dollar, which earlier fell to a two-week low of 149.28 yen and was last at 149.72. The Japanese currency got a slight reprieve after having struck a one-year trough of 150.78 per dollar last week. JPY=

"The U.S. dollar is sliding a little this morning, but not in any measure that puts it trading outside recent ranges," said Helen Given, FX trader at Monex USA in Washington.

"If consumer data domestically hadn't been so strong last week, we'd probably be looking at a bigger slide for the dollar, but markets are still finding it quite difficult to discount the resilience of the U.S. economy."

The U.S. dollar index =USD fell 0.46%, with the euro EUR= up 0.5% to $1.0617.

Stock investors also are closely monitoring quarterly results from companies, with several big companies including Caterpillar CAT.N and Apple AAPL.O due to report this week.

The Dow Jones Industrial Average .DJI rose 348 points, or 1.07%, to 32,765.59; the S&P 500 .SPX gained 30.42 points, or 0.74%, to 4,147.79; and the Nasdaq Composite .IXIC added 110.28 points, or 0.87%, to 12,753.29.

The pan-European STOXX 600 index .STOXX rose 0.40% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.59%.

The Treasury will give its overall financing estimate for the fourth quarter on Monday and will offer more details on the breakdown of the issuance on Wednesday.

Benchmark 10-year note yields US10YT=RR were last at 4.899%, up 5 basis points on the day. They are holding just below a 16-year high of 5.021% reached last Monday.

In energy, U.S. crude CLc1 recently fell 3.19% to $82.81 per barrel and Brent LCOc1 was at $88.04, down 2.7% on the day.

Spot gold XAU= dropped 0.4% to $1,998.32 an ounce.


(Reporting by Caroline Valetkevitch; additional reporting by Gertrude Chavez-Dreyfuss in New York and by Elizabeth Howcroft in London; Editing by Mark Potter and Jonathan Oatis)

((caroline.valetkevitch@thomsonreuters.com))

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