GLOBAL MARKETS-S&P 500 rises briefly after Powell remarks; U.S. bond yields fall

* U.S. stocks mixed in late afternoon trading
* U.S. dollar dropped to two-week low

(Recasts with Powell comments, oil settlement prices)
By Caroline Valetkevitch
NEW YORK, Feb 10 (Reuters) - The S&P 500 rose briefly
Wednesday after Federal Reserve Chair Jerome Powell called for a
more comprehensive approach to end the jobs crisis, while
Treasury yields tumbled as U.S. data showed inflation stayed
benign in January.
MSCI's gauge of stocks across the globe was slightly higher
and on track for an eighth day of gains.
Bets on more fiscal aid have powered Wall Street's main
indexes to a series of all-time peaks recently, with investors
moving into sectors such as energy, banks and industrials that
are poised to benefit from a recovering economy. In his remarks to the Economic Club of New York, Powell made
a broad call for a "society-wide commitment" to get Americans
back to work. "Basically Powell is saying he's not changing his tune, and
that simply means between the combination of an overly friendly
Fed and stimulus, that's just adding more enthusiasm to the
marketplace," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
Executives from Robinhood, Melvin Capital and Citadel
Securities are expected to testify before a U.S. House of
Representatives panel at a Feb. 18 hearing exploring trading
turmoil in GameStop Corp GME.N and other stocks, according to
a Reuters report citing two sources familiar with the matter.
Interest from retail investors appeared to lift cannabis
stocks broadly higher on Wednesday, signaling that the recent
trading frenzy behind Reddit favorites such as GameStop is
shifting to other companies. Shares of Tilray
TLRY.O jumped 36%.
Earnings contributed to earlier optimism in equities
markets, with French bank Societe Generale among those beating
fourth-quarter profit expectations. Twitter Inc TWTR.N shares were up 12%, a day after the
company beat Wall Street estimates for quarterly sales and
profit and followed its social media peers to forecast a strong
start to 2021 as ad spending rebounds from a rock bottom.
The Dow Jones Industrial Average .DJI rose 17.61 points,
or 0.06%, to 31,393.44, the S&P 500 .SPX lost 7.15 points, or
0.18%, to 3,904.08 and the Nasdaq Composite .IXIC dropped
56.96 points, or 0.41%, to 13,950.74.
The pan-European STOXX 600 index .STOXX lost 0.23% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.13%.
Bitcoin BTC=BTSP , meanwhile, consolidated recent gains on
Wednesday, trading 3.2% lower at $45,006. It hit a new high of
$48,216 on Tuesday following Tesla's TSLA.O disclosure of a
$1.5 billion investment in the virtual currency.
The dollar was weighed down by U.S. inflation data, while
benchmark U.S. Treasury yields also tumbled.
The U.S. data showed that inflation stayed benign in
January, disappointing investors betting that price pressures
would increase more. The Labor Department said its consumer
price index increased 0.3% last month after climbing a revised
0.2% in December. Benchmark 10-year notes US10YT=RR last rose 8/32 in price
to yield 1.1293%, from 1.157% late on Tuesday.
The dollar index =USD fell 0.032%, with the euro EUR= up
0.02% to $1.2119. Oil rose, extending its rally for a ninth day, its longest
winning streak in two years, supported by producer supply cuts
and hopes vaccine rollouts will drive a recovery in demand.
Brent crude LCOc1 rose 38 cents to settle at $61.47 a
barrel, while U.S. crude CLc1 climbed 32 cents to settle at
$58.68. Spot gold XAU= added 0.2% to $1,840.91 an ounce.

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Emerging markets http://tmsnrt.rs/2ihRugV
Global asset performance http://tmsnrt.rs/2yaDPgn
MSCI world stock index cruising at record highs https://tmsnrt.rs/3qaUqvu
World FX rates http://tmsnrt.rs/2egbfVh
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