By Lewis Krauskopf
NEW YORK (Reuters) - Stocks on major world markets climbed to a one-month high on Wednesday after a raft of strong corporate earnings, while the U.S. dollar hit a three-week high against major currencies.
MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.17 percent and touched its highest point in a month.
Stock markets were also supported by Federal Reserve chairman Jerome Powell reiterating that the U.S. economy was healthy, even though he warned that rising world protectionism would over time pose a risk to the global economic expansion.
"He's been constructive on the economy and downplayed the risk of a recession," said Jonathan Cohn, interest rate strategist with Credit Suisse in New York.
On Wall Street, the Dow Jones Industrial Average <.DJI> rose 79.4 points, or 0.32 percent, to 25,199.29, the S&P 500 <.SPX> gained 6.07 points, or 0.22 percent, to 2,815.62 and the Nasdaq Composite <.IXIC> dropped 0.67 points, or 0.01 percent, to 7,854.44.
The S&P 500 hit a more than five-month high.
Shares of Morgan Stanley
The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.60 percent, hitting a one-month high. The region's shares were supported by currency weakness and a rally in technology stocks following well-received earnings updates, including from Sweden's Ericsson
In the foreign exchange market, the U.S. dollar index <.DXY>, which measures the greenback against a basket of six currencies, rose 0.17 percent, to 95.104 after rising as high 95.407. The euro
Federal Reserve chairman Powell's comments to Congress about the health of the U.S. economy reinforced the view that interest rates would continue to rise supporting demand for the dollar.
Traders saw his comments as signifying that authorities were comfortable with the greenback's near 6 percent rise against its rivals in the last three months.
Benchmark U.S. 10-year notes
Oil prices rose 1.0 percent after U.S. government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in U.S. crude inventories and U.S. crude oil production's hitting 11 million barrels per day for the first time.
(Reporting by Lewis Krauskopf, additional reporting by Richard Leong in New York; editing by Clive McKeef)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Jul 19, 2018 03:05 AM