GLOBAL MARKETS-Shares rise as cyclical stocks provide support; yields climb

* Wall Street supported by rise in cyclical stocks
* Longer-term yields climb, 30-year TIPS yield goes positive
* Gold hits a seven-month low, oil prices slip
* Bitcoin its $1 trillion market cap

(Updates with midday U.S. markets activity; changes byline,
dateline, previous LONDON)
By Saqib Iqbal Ahmed
NEW YORK, Feb 19 (Reuters) - A gauge of global equity
markets snapped a 3-day losing streak to edge higher on Friday,
as the recent selling pressure on high-flying big
technology-related stocks eased even as investors showed a
preference for economically sensitive cyclical sectors.
Oil prices fell from recent highs as Texas energy companies
began preparations to restart oil and gas fields shuttered by
freezing weather, while the U.S. Treasury yields extended their
recent rise.
The MSCI's global stock index .MIWD00000PUS was up 0.47%
at 681.88, after losing ground for three consecutive sessions.
On Wall Street, stocks steadied as cyclical sectors edged
higher while tech names made modest advances after concerns
about elevated valuations led to some selling in recent
sessions.
"What we saw (this week) represents a market that is tired
and may not do very much. So we are headed for some sort of a
pullback, but I don't think we're there just yet," said Peter
Cardillo, chief market economist at Spartan Capital Securities
in New York.
"Investors are not really pulling out of the market, but
they are becoming more cautious. It already has factored in
another good positive earnings season."
The Dow Jones Industrial Average .DJI rose 119.97 points,
or 0.38%, to 31,613.31, the S&P 500 .SPX gained 12.93 points,
or 0.33%, to 3,926.9 and the Nasdaq Composite .IXIC added
92.58 points, or 0.67%, to 13,957.93.
The S&P 500 technology .SPLRCT and communication services
.SPLRCL sectors, housing high-value growth stocks, were among
the smallest gainers in early trading, while financials .SPSY ,
industrials .SPLRCI , energy .SPNY and materials .SPLRCM
rose more than 1%.
European shares edged higher on Friday as an upbeat earnings
report from Hermes HRMS.PA boosted confidence in a broader
economic recovery. The pan-European STOXX 600 index .STOXX was
0.64% higher.
U.S. Treasury yields on the longer end of the curve rose to
new one-year highs on Friday as improved risk appetite boosted
Wall Street, while the yield on 30-year inflation-protected
securities (TIPS) turned positive for the first time since June.
Core bond yields have pushed higher globally, led by the
so-called reflation trade, where investors wager on a pick-up in
growth and inflation. Growing momentum for coronavirus vaccine
programs and hopes of massive fiscal spending under U.S.
President Joe Biden have spurred reflation trades.
The benchmark 10-year yield US10YT=RR was last up 5.1
basis points at 1.338%, its highest level since Feb. 26, 2020.
Oil prices retreated from recent highs for a second day on
Friday as Texas energy companies began preparations to restart
oil and gas fields shuttered by freezing weather.
Unusually cold weather in Texas and the Plains states
curtailed up to 4 million barrels per day (bpd) of crude oil
production and 21 billion cubic feet of natural gas, analysts
estimated.
Brent crude LCOc1 futures were down 28 cents, or 0.44%, at
$63.65 a barrel, while U.S. West Texas Intermediate (WTI) crude
CLc1 futures fell 66 cents, or 1.09%, to $59.86.
Copper jumped to its highest in more than nine years on
Friday and towards a third straight weekly gain as tight
supplies and bullish sentiment towards base metals continued
after the Chinese New Year. Spot gold XAU= was down 0.58% at $1,785.71 an ounce.
The dollar lost ground on Friday, extending Thursday's
decline as improved risk appetite sapped demand for the
safe-haven currency and drew buyers to riskier, higher-yielding
currencies. The dollar index =USD was off 0.295%. Bitcoin hit yet another record high on Friday, hitting a
market capitalization of $1 trillion, blithely shrugging off
analyst warnings that it is an "economic side show" and a poor
hedge against a fall in stock prices. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>