* Europe stocks near highs; miners, energy weigh
* Wall Street equities advance, S&P and Nasdaq at records
* VIX opens at lowest level since May 10
* World FX rates in 2017 tmsnrt.rs/2egbfVh
(Changes dateline to New York; adds Wall Street open; updates
By Hilary Russ
NEW YORK, May 25 World stock markets scaled
fresh highs on Thursday, with key U.S. indexes lifted by rosy
retailer results, while the U.S. dollar dipped and oil prices
fell after top oil producers extended output cuts for a shorter
period than expected.
The U.S. benchmark S&P 500 index and Nasdaq Composite
opened at record highs, while the VIX "fear gauge" of
expected volatility in the S&P 500 opened at 9.82, its
lowest since May 10.
Gains were propelled by sturdy sales data at electronics
retailer Best Buy, lifting its shares as much as 17
percent as top gainer on the S&P 500. Robust results also
boosted Tommy Hilfiger-owned PVH by 7 percent.
Oil prices fell as OPEC prepared to extend supply curbs by
nine months to March 2018 to drain a glut that has depressed
markets for almost three years. This was a shorter
period of time for such limits than some market participants had
The Dow Jones Industrial Average rose 90.95 points,
or 0.43 percent, to 21,103.37, the S&P 500 gained 12.09
points, or 0.50 percent, to 2,416.48 and the Nasdaq Composite
added 42.81 points, or 0.69 percent, to 6,205.83.
U.S. share indexes were boosted a day earlier after minutes
from the Federal Reserve's May 2-3 meeting signaled its
policymakers would hold off on raising interest rates soon until
it is clear that a recent U.S. economic slowdown is temporary.
Federal funds futures imply traders see an 80.9 percent
chance of a quarter point rate rise in June.
U.S. crude fell 1.15 percent to $50.77 per barrel
and Brent was last at $53.48, down 0.89 percent on the
"A nine-month extension of the output cuts is already baked
into prices," said Olivier Jakob, energy markets analyst at
Swiss consultancy Petromatrix. "This shows there's not much more
OPEC can do."
In Europe, the pan-European FTSEurofirst 300 index
was little changed, losing just 0.03 percent. The pan-European
STOXX 600 index was led lower by basic resources
and energy companies earlier in the day; it
still held close to 21-month highs.
Steelmakers were hit after iron ore prices fell for a third
day, on concern over reduced Chinese demand.
MSCI's gauge of stocks across the globe
gained 0.47 percent.
In the currency markets, the euro edged down 0.04
percent to $1.1213, pulling further away from Tuesday's 6
1/2-month high of $1.1268.
The dollar index, which measures the greenback against a
basket of major currencies, fell 0.09 percent, as key
currencies tracked the drop in oil prices.
U.S. bond yields dipped ahead of a $28 billion sale of
seven-year notes. The benchmark 10-year yield was
down 1.6 basis point on Thursday at 2.25 percent.
For Reuters Live Markets blog on European and UK stock
markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets
(Additional reporting by Nigel Stephenson and Christopher
Johnson in London, Tanya Agrawal in Bengaluru, Richard Leong in
New York and Howard Schneider in Washington; Editing by