NEW YORK: World stocks outside the United States edged higher, but oil prices were steady on Monday after US housing data added to growing optimism that the economy is pulling out of a deep recession.
The US dollar fell to its lowest level in more than seven weeks against a basket of currencies as the jump in US new home sales encouraged investors to take on more risk and dulled the greenback’s safe-haven appeal.
Oil jumped at one point to the highest in more than three weeks at almost $69 a barrel on hopes of a recovery that would boost fuel demand, while copper surged to 10-month highs on increasing optimism about growth.
Japanese stocks marked their ninth-straight gain in their longest winning streak in 21 years, while energy and mining stocks helped Britain’s top share index to rise for a record-equaling 11th straight session. World stocks, as measured by MSCI’s all country world index, edged higher.
But US indexes edged lower after a week that saw strong gains in equities and disappointing reports from such companies as Verizon Communications Inc and Aetna Inc. The decline in US stocks came after a week in which the S&P 500 gained 4.1 percent, leading to some profit-taking, analysts said.
Shortly after 1 p.m., the Dow Jones Industrial Average was down 23.27 points, or 0.26 percent, at 9,069.97. The Standard & Poor’s 500 Index was down 2.29 points, or 0.23 percent, at 976.97. The Nasdaq Composite Index was down 9.08 points, or 0.46 percent, at 1,956.88.
The FTSEurofirst 300 index of top European shares rose 0.5 percent to a provisional close of 911.58 points. The index has gained in 10 of the last 11 sessions. The dollar was down against the euro and mostly unchanged against a basket of major currencies, with the US Dollar Index up 0.02 percent at 78.768.
The euro was up 0.14 percent at $1.4222, and against the yen, the dollar was up 0.52 percent at 95.26.
The dollar has come under pressure in recent sessions as upbeat economic data and largely positive results on the US corporate earnings front fueled expectations that the global economy was on the mend.
Spot gold prices rose $3.00 to $953.35 an ounce.
