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Dollar climbs; stocks edge up after last week's rally

Reuters  |  NEW YORK 

By Caroline Valetkevitch

(Reuters) - The dollar hit its highest levels in more than a week against a basket of currencies and the eased on Monday, while U.S. stocks held firm after kicking off the new year with strong gains last week.

The edged up, reversing losses from early in the session, while a of equities also was slightly higher.

"It's just a reversal after a week of one-directional moves," said Jim Paulsen, at in

Stocks tied to outperformed more defensive ones last week.

"The lies ahead in terms of economic reports, in terms of earnings and earnings warnings."

Attention in the now turns to the quarterly earnings season, with investors expected to focus on what U.S. companies will say about the recently approved tax overhaul and corporate tax cuts. Results from are due Friday.

The <.DJI> fell 6.3 points, or 0.02 percent, to 25,289.57, the <.SPX> gained 3.93 points, or 0.14 percent, to 2,747.08 and the <.IXIC> added 18.93 points, or 0.27 percent, to 7,155.49.

With the holiday falling on a Monday this year, it was the strongest first four trading days of a year in more than a decade for all three major U.S. stock indexes, according to data. For the Dow, it was the strongest start since 2003 and for the Nasdaq and it was the strongest since 2006.

The pan-European <.FTEU3> rose 0.23 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.07 percent.

A surprise dip in German industrial orders, which fell in November for the first time since July, appeared unlikely to dent growing confidence in the zone's biggest after a strong run of positive economic

Investors took profits in the after the common currency's recent rally.

The dollar <.DXY>, which measures the greenback against six rival currencies, was up 0.45 percent at 92.36.

The slipped 0.55 to $1.1962. The hit a nearly four-month high of $1.2089 last week.

"The got a little bit over its skis when it traded over $1.20," said Brad Bechtel, managing at Jefferies in

"It's a little bit of profit taking and some healthy correction going on the euro's side, which is driving some of the dollar trades," Bechtel said.

In the market, bond yields were modestly lower after data on Friday showing unexpectedly slower growth in U.S. hiring for December.

Benchmark 10-year notes last fell 2/32 in price to yield 2.4818 percent, from 2.476 percent late on Friday.

ended up slightly as protests in and the arrests of 11 princes in offset projections for higher U.S.

U.S. crude rose 29 cents to settle at $61.73 a barrel, while Brent crude gained 16 cents to settle at $67.78.

Gold retreated from last week's 3-1/2-month high as the regained some ground against the Spot gold was down 0.1 percent at $1,318.84 an ounce.

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(Additional reporting by and in London, Sruthi Shankar in Bengaluru, Sinead Carew, Saqib Iqbal Ahmed and Kate Duguid in and Wayne Cole in Sydney; Editing by and James Dalgleish)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 02:10 IST