GLOBAL MARKETS-Nasdaq surges as investors return to tech, crude ends off highs

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

(Updates to market close)
By Stephen Culp
NEW YORK, Nov 11 (Reuters) - Tech pushed the Nasdaq to close
sharply higher and oil prices extended their rally on Wednesday,
as hopes of potential COVID-19 were tempered by spiking
coronavirus infections and the looming threat of a new round of
lockdowns.
While the S&P 500 also advanced, the blue-chip Dow ended the
session slightly in the red.
A return to technology-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.
"This week we saw a bit of rotation from growth back to
value," said Matthew Keator, managing partner in the Keator
Group, a wealth management firm in Lenox, Massachusetts. "That
we're back to tech has to do with its oversold nature and
there's a sense of safety in heavily capitalized technology
companies."
Hopes for an end to the global health crisis gained strength
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 investors' risk appetite across the board,
and sent oil prices higher, building on two straight sessions of
sharp gains.
But that optimism could be waning. The Dow Jones
Transportation index .DJT , seen by many as a barometer of
broader economic health, ended the session sharply lower.
"The news about the success of the vaccine trial is
incredibly important," Keator added. "But investors should be
mindful that while there is light at the end of the tunnel we
still have a ways to go."
While on Tuesday the yield of benchmark U.S. 10-year
Treasuries reached the highest level since March, on Wednesday
the U.S. bond market was closed in observance of Veterans Day.
The Dow Jones Industrial Average .DJI fell 23.29 points,
or 0.08%, to 29,397.63, the S&P 500 .SPX gained 27.13 points,
or 0.77%, to 3,572.66 and the Nasdaq Composite .IXIC added
232.58 points, or 2.01%, to 11,786.43.
The momentum of vaccine hopes and encouraging comments from
European Central Bank chief Christine Lagarde boosted European
shares higher for the third straight session, offsetting worries
over spiking coronavirus infections. The pan-European STOXX 600 index .STOXX rose 1.08% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.77%.
Emerging market stocks lost 0.13%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.2%
higher, while Japan's Nikkei .N225 rose 1.78%.
Crude oil prices edged higher, extending their rally and
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 0.22% to settle at $41.45 per barrel
and Brent LCOcv1 settled at $43.80 per barrel, up 0.44% on the
day.
The dollar gained ground against a basket of currencies and
the safe-haven yen weakened on hopes that a medical solution to
the pandemic could jump start economic growth. The dollar index .DXY rose 0.28%, with the euro EUR=
down 0.3% to $1.1779.
The Japanese yen weakened 0.08% versus the greenback at
105.42 per dollar, while sterling GBP= was last trading at
$1.3216, down 0.41% on the day.
Gold prices slid, 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 $1,864.02 an ounce.

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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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