* Base metal prices fall again as dollar gains
* Euro under pressure as ECB seen easing next week
* Pfizer set to buy Allergan for $160 bln (Updates prices, adds U.S. markets, changes dateline from LONDON)
NEW YORK, Nov 23 (Reuters) - A measure of commodity prices hit its lowest in 13 years before bouncing back as the expectation of higher interest rates in the United States lifted the dollar to its highest in eight months.
Stocks in major markets ticked lower after five days of gains and the euro fell as low as $1.0599, a seven-month low as the prospect of more policy easing by the European Central Bank was compounded by a security lockdown in Brussels.
Wall Street opened higher, led by gains in cyclical sectors and consumer stocks, while utilities were once again pressured by the view that the Federal Reserve will soon begin a tightening monetary policy cycle.
The healthcare sector was also in focus after Pfizer said it would buy Botox maker Allergan in a record-breaking deal worth $160 billion to cut its U.S. tax bill by moving its headquarters to Ireland.
The Dow Jones industrial average rose 19.81 points, or 0.11 percent, to 17,843.62, the S&P 500 gained 5.34 points, or 0.26 percent, to 2,094.51 and the Nasdaq Composite added 18.41 points, or 0.36 percent, to 5,123.33.
An MSCI measure of stocks in major markets globally dipped less than 0.1 percent and a broad gauge of European stocks dropped 0.2 percent.
The Thomson Reuters Core Commodity CRB index hit its lowest since November 2002. The gauge is down more than 20 percent so far this year.
London nickel slid more than 6 percent to its lowest since 2003 and copper fell almost 3 percent to its cheapest in more than six years. Lead touched its lowest since 2010 while aluminium hit the weakest since 2009.
Gold and silver also fell.
"The biggest factor here is the dollar," said Hans van Cleef a senior energy economist at ABN Amro in Amsterdam. "It is having an impact on all major commodities at the moment."
"More and more investors are watching (commodities sell off) and sentiment therefore gets more jittery."
Against a basket of currencies, the U.S. dollar firmed 0.3 percent to 99.83.
Argentine assets got a boost from the election victory of pro-business opposition candidate Mauricio Macri, who has promised to open up the ailing economy to investors.
U.S. Treasuries prices fell slightly as investors reduced their debt holdings in advance of an auction of $26 billion in two-year notes, part of this week's $90 billion in fixed-rate coupon supply.
Benchmark 10-year notes US10YT=RR were up 1/32 to yield 2.2588 percent, down 1 basis point from Friday.
Oil prices reversed direction to trade slightly higher. Saudi Arabia said the kingdom remained ready to work with other producing and exporting countries to stabilise prices.
Reporting by Rodrigo Campos; Editing by Nick Zieminski