GLOBAL MARKETS-Soft ISM data sends dollar lower; stocks advance

martes 6 de septiembre de 2016 16:18 GYT
 

* Dollar fades after ISM services data

* U.S. stocks rebound from brief decline

* Oil prices lower after early spike

* Gold climbs on dimmed hopes for rate hike (Updates with close of U.S. markets, oil settlement prices)

By Chuck Mikolajczak

NEW YORK, Sept 6 (Reuters) - The dollar slumped on Tuesday after data on the U.S. services sector fell well short of expectations, while a gauge of global equity markets held near a one-year high.

The Institute for Supply Management said its index of non-manufacturing activity fell to 51.4, its lowest level since February 2010, from 55.5 the month before and well shy of the 55 estimate. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S. economic activity.

Stocks on Wall Street briefly turned negative in the wake of the data and MSCI's index of world shares pared gains before rebounding to last trade at 424.16, its highest level since Aug 10, 2015.

The dollar softened considerably, down 1 percent against a basket of major currencies, with the greenback on track for its biggest drop since late July.   Continuación...