GLOBAL MARKETS-World equity index gains for 8th day; U.S. bond yields fall after data

* S&P 500, Nasdaq end lower
* U.S. dollar drops to two-week low
* Oil extends recent rally

(New throughout, updates prices, market activity and comments
to U.S. close)
By Caroline Valetkevitch
NEW YORK, Feb 10 (Reuters) - MSCI's gauge of stocks across
the globe rose on Wednesday for an eighth straight session even
as the S&P 500 eased, and U.S. Treasury yields tumbled on data
showing inflation remained tame in January.
U.S. Federal Reserve Chair Jerome Powell, in remarks to the
Economic Club of New York, called for a more comprehensive
approach to end the jobs crisis while reassuring investors
interest rates will remain low to spur the economy and jobs
growth. "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.
Bets on more fiscal aid have powered Wall Street's main
indexes to a series of all-time peaks, with investors moving
into sectors such as energy, banks and industrials that are
poised to benefit from a recovering economy. On Wednesday, the S&P consumer discretionary .SPLRCD and
technology sectors .SPLRCT ended lower and were the biggest
drags on the S&P 500 in a volatile session. The S&P 500 hit a
record high at the opening.
Interest from retail investors appeared to broadly lift
cannabis stocks, signaling the recent trading frenzy behind
Reddit favorites such as GameStop GME.N is shifting to other
companies. Shares of Tilray TLRY.O jumped 50.9%.
Supporting the S&P 500, Twitter Inc TWTR.N shares rose
13.2%, 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 61.97 points,
or 0.2%, to 31,437.8, the S&P 500 .SPX lost 1.35 points, or
0.03%, to 3,909.88 and the Nasdaq Composite .IXIC dropped
35.16 points, or 0.25%, to 13,972.53.
The pan-European STOXX 600 index .STOXX lost 0.23% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.20%. The MSCI index also registerd a record high.
Bitcoin BTC=BTSP , meanwhile, consolidated recent gains on
Wednesday, trading 3.7% lower at $44,780. 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 fell to a two-week low, weighed down by U.S.
inflation data, while benchmark U.S. Treasury yields also
tumbled.
The 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 10/32 in price
to yield 1.1242%, from 1.157% late on Tuesday. The dollar index =USD drifted to a two-week low of 90.249,
posting its third day of losses. It last traded 0.1% lower at
90.377. Oil rose, extending its rally for a ninth day, its longest
winning streak in two years, helped 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 0.3% to $1,842.11 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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