By Sam Forgione
NEW YORK (Reuters) - The U.S. dollar rose against the euro on Monday, ahead of a European Central Bank meeting later this week, while stocks on major world markets ended little changed despite further news of slowing Chinese economic growth.
U.S. stocks ended little changed but investors concern about the poor quality of third quarter earnings reports.
"People are waiting for an onslaught of earnings," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "There's been enough negative guidance about the future to make people sceptical about the direction of the market."
Several Dow components are posting quarterly results this week, including Caterpillar
Morgan Stanley's profit plunged 42 percent
The Dow Jones industrial average <.DJI> rose 14.57 points, or 0.08 percent, to 17,230.54, the S&P 500 index <.SPX> gained 0.55 points, or 0.03 percent, to 2,033.66 and the Nasdaq Composite <.IXIC> added 18.78 points, or 0.38 percent, to 4,905.47.
U.S. DOLLAR STRONG
The euro retreated to a 10-day low against the U.S. dollar as investors focussed on a European Central Bank meeting later in the week that could pave the way for further stimulus to boost inflation in the euro zone. [USD/]
The U.S. dollar index, which measures the greenback against a basket of six major currencies, was last up 0.46 percent at 94.968 <.DXY>.
"I think the ECB on Thursday will push back against euro strength," said Mark McCormick, currency strategist at Credit Agricole in New York. "We do not expect them to announce a new programme, but perhaps lay the groundwork for an extension of quantitative easing."
The stronger U.S. dollar and news of slower Chinese growth pressured oil prices which fell about 4.0 percent. [O/R]
China's economic growth slowed to 6.9 percent in the third quarter, still ahead of the 6.8 percent forecast.
On the U.S. stockmarket, the energy index <.SPNY> fell 1.9 percent as U.S. crude oil prices fell 2.9 percent. Exxon XOM.N fell 1.8 percent to $80.99 and Chevron CVX.N fell 1.4 percent to $90.03, the biggest drags on the S&P 500 and the Dow.
"Energy and oil prices were down today, the industrials and materials sectors, so that took a little bit off the enthusiasm for equities," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
The MSCI world equity index <.MIWD00000PUS>, which tracks 46 key global markets, was last down 0.17 percent, while the pan-regional FTSEurofirst 300 index <.FTEU3> closed up 0.21 percent,
U.S. 30-year Treasury yields > rose to a nearly one-week high of 2.91 percent. In futures trading, U.S. gold for December delivery
(Additional reporting by Abhiram Nandakumar and Gertrude Chavez-Dreyfuss, Barani Krishnan, and Caroline Valetkevich in New York)
