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S&P 500 extends new year's gains; dollar up as euro falters

Reuters  |  NEW YORK 

By Caroline Valetkevitch

(Reuters) - The edged up for a fifth straight session on Monday, extending its winning streak for the new year, while the dollar hit its highest level in more than a week against a basket of currencies as the euro's rally faltered.

A index of equities also rose slightly. The is now up 2.8 percent since Dec. 31 after rising 19.4 percent in 2017.

Historically, the first five days of January can be an indicator for the market's direction for the full year, according to the Stock Traders Almanac.

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.

"We had a big move last week and everyone knows earnings is coming up. People don't want to chase too much further when you have a round of fundamental inputs in the next few weeks," said Michael O'Rourke, at in Greenwich,

The Dow Jones Industrial Average <.DJI> fell 12.87 points, or 0.05 percent, to 25,283, the <.SPX> gained 4.56 points, or 0.17 percent, to 2,747.71 and the Nasdaq added 20.83 points, or 0.29 percent, to 7,157.39.

With the holiday falling on a Monday this year, there were only four trading days last week.

The pan-European index <.FTEU3> rose 0.23 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.11 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 index <.DXY>, which measures the greenback against six rival currencies, was up 0.42 percent at 92.338. The slipped 0.52 to $1.1966. The hit a nearly four-month high of $1.2089 last week.

"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," said Brad Bechtel, managing at Jefferies in

In the market, bond yields were little changed after a boost from stronger debt and a Federal Reserve official's remarks that may only raise interest rates two times this year.

Benchmark 10-year notes last fell 1/32 in price to yield 2.48 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.

For Live blog on European and UK stock markets, open a window on Eikon by pressing F9 and type in 'Live Markets' in the

(Additional reporting by Sinead Carew, and 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. 03:11 IST