* U.S., European, Asian stocks lower
* Dollar falls for a second day after strong gains
* Strong U.S. GDP growth fails to spur dollar strength
* Emerging market stocks take brunt of equity selloff (Updates to mid-afternoon U.S. trading)
By Dion Rabouin
NEW YORK, Dec 22 (Reuters) - Stock markets around the globe edged lower and U.S. equities headed for their first back-to-back daily declines of the month on Thursday as the rally that has sent Wall Street shares to record highs since Donald Trump's U.S. election victory paused ahead of the Christmas holiday weekend.
U.S. indexes have surged since the Nov. 8 election but were lower in light trading as traders took profits. The Dow, Nasdaq and S&P 500 have all risen more than 5 percent in the six weeks since Trump's victory, with the Nasdaq and Dow both touching record highs this week.
The Dow was on track for its first two-day decline since Nov. 4.
"With less traders on their desks and most investors planning where to spend their New Year's Eve, markets have clearly entered the holiday mood," said Hussein Sayed, chief market strategist at FXTM.
"We can barely see any significant moves in equities, fixed income or even currency markets today, suggesting that more consolidation is expected throughout the remaining days of 2016."
The Dow Jones industrial average fell 15.16 points, or 0.08 percent, to 19,926.8, the S&P 500 lost 3.7 points, or 0.16 percent, to 2,261.48 and the Nasdaq Composite dropped 20.77 points, or 0.38 percent, to 5,450.66.
The U.S. dollar was little moved, recovering from early losses after the release of data showing the U.S. economy grew at its fastest pace in two years in the third quarter. The push of the positive economic data and the pull of profit-taking after the dollar's 5 percent rally since Nov. 8 left the greenback flat.
European markets were also broadly lower, with the pan-European STOXX 600 index falling 0.21 percent, closing lower for the second straight session after marking its highest level since Jan. 4.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.9 percent with the Nikkei finishing 0.1 percent lower, having hit one-year highs this week.
Hong Kong's Hang Seng index was down 0.8 percent after touching its lowest level since July, though Australian shares finished up 0.5 percent, extending gains into a fourth straight session.
A metric of stocks markets around the globe fell 0.3 percent.
Emerging market bourses saw the sharpest of the day's declines in equities with MSCI's emerging markets index falling 1.1 percent to a one-month low. It has closed lower in six of the last seven sessions.
The U.S. election outcome has slammed emerging market currencies and equities as Trump's campaign pledges to rewrite trade deals and a steep rise in U.S. interest rates and the value of the dollar, which increases the cost of repaying loans many countries have in U.S. currency, have sent investors toward the exits.
U.S. Treasury yields edged up slightly after the GDP data, and as investors prepared for new Treasury supply next week.
Benchmark 10-year Treasury note yields rose to 2.558 percent. Yields have risen by around 80 basis points since the U.S. election.
Oil prices rose 1 percent, spurred by the pause in the dollar rally and optimism that crude producers would abide by an agreement to limit output to prop up prices.
Copper prices fell to one-month lows as a sharp drop in imports by top consumer China fuelled worries about demand. (Additional reporting by John Geddie in London and Lisa Twaronite in Tokyo; Editing by James Dalgleish; Editing by Susan Thomas and Meredith Mazzilli)