Shares rise, oil prices down again

NEW YORK: US and European shares rose yesterday after two days of declines, helped by US housing data, while the yen rose after a brief decline on the Bank of Japan's decision to ease monetary policy further.
Oil prices fell more than 2 percent. Prices also weakened on US data that showed crude stocks climbed far more than expected.
Equities have struggled for direction in recent sessions. Recent accommodative policy moves from the Federal Reserve, European Central Bank and now Japan's central bank are seen as limiting downside, but concerns persist about Europe's debt crisis and slowing growth.
Those concerns limited yesterday's equities gains and pushed the euro back towards $1.30 against a mildly stronger dollar.
European shares closed 0.4 percent higher. The MSCI index of global stocks rose 0.45 percent.
US existing home sales rose at their fastest pace in two years, the latest indication that a recovery in the housing market was gaining traction. An index of housing shares rose 2.6 percent.
The Dow Jones Industrial Average was up 57.21 points, or 0.42 percent, at 13,621.85. The Standard & Poor's 500 Index was up 5.59 points, or 0.38 percent, at 1,464.91. The Nasdaq Composite Index was up 7.64 points, or 0.24 percent, at 3,185.44.
The dollar jumped to 79.21 yen, its highest since Aug. 22, after the BoJ's decision. It last traded at 78.36 yen, down 0.6 percent on the day.
In the bond market, the benchmark 10-year US Treasury note was up 6/32, with the yield at 1.7892 percent.
Brent crude oil prices sank 3.1 percent to $108.58.
Brent is down about 7 percent so far this week, though it remains up more than 11 percent over the past three months.
Gold, which has a twin appeal as a safe-haven asset and inflation hedge, shrugged off the concerns to sit at a 6-1/2-month high of $1,772.49 an ounce.