Reuters: US Dollar Report: GLOBAL MARKETS-Shares, oil rebound after week's big sell-off

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GLOBAL MARKETS-Shares, oil rebound after week's big sell-off Apr 19th 2013, 14:22 Fri Apr 19, 2013 10:22am EDT * Shares rebound but on track for worst week since June * Gold, oil off lows but remain vulnerable to renewed slide * Yen falls as G20 response to Japan stimulus mild By Herbert Lash NEW YORK, April 19 (Reuters) - World equity markets and oil prices rebounded on Friday in a relief rally after a sell-off this week that was triggered by signs of sluggish global growth. Oil prices pushed toward $100 a barrel and stocks on Wall Street and in Europe advanced as bargain-hunters entered a market still rattled by global demand concerns. Stocks have sold off on recent economic data and have been pressured by a plunge in commodity prices. The U.S. benchmark S&P 500, down 3 percent over the past four sessions, is on track to post its worst week this year, as were shares in Europe. The S&P 500's close below the 50-day moving average on Thursday indicates the medium-term uptrend in the market could be in peril. The last time the index closed consecutive days under its 50-day average was in early December. The market's advance is a reaction to the recent declines more than anything else, according to Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire. "It's a relief rally after the last couple of days," he said. The Dow was pulled lower by a rare quarterly earnings miss by International Business Machines Corp. Three brokerages cut their price targets for the company. The Dow Jones industrial average was down 40.16 points, or 0.28 percent, at 14,496.98. The Standard & Poor's 500 Index was up 6.84 points, or 0.44 percent, at 1,548.45. The Nasdaq Composite Index was up 26.73 points, or 0.84 percent, at 3,193.09. MSCI's world share index, which tracks about 9,000 stocks in 45 countries, was up 0.4 percent. The yen fell after Japan said the Group of 20 accepted its stance that its recently announced aggressive monetary expansion was aimed at beating deflation and not as a competitive devaluation. Traders said the lack of objection from the G20 to Japan's policy encouraged hedge funds to resume buying the dollar against the yen, leaving it poised to test the 100-yen mark in the coming days. The dollar rose 0.9 percent to 99.01 yen, leaving it within sight of the four-year peak of 99.95 yen reached last week. The euro rose 0.48 percent to $1.3113. Brent crude was up 77 cents to $99.90 a barrel. U.S. crude rose 57 cents to $88.30 a barrel. The benchmark 10-year U.S. Treasury note was down 6/32 in price to yield 1.7049 percent. Link this Share this Digg this Email Reprints

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