Stocks edge up but set for weekly drop on US election nerves; crude oil rises
S&P 500, Nasdaq advance
Crude prices gain 2%
Dollar index rises
Benchmark 10-year yields edge higher
Gold prices flat
Updates prices throughout, adds paragraphs 9-14
By Chibuike Oguh
NEW YORK, Oct 25 (Reuters) -Global stocks were trading higher on Friday, although they were set for a weekly loss amid U.S. election jitters, while oil prices rose due to concerns about fighting in the Middle East.
Republican former President Donald Trump and Democratic Vice President Kamala Harris are polling neck and neck in crucial swing states ahead of the Nov. 5 U.S. election, and investors are anxious about a contested result roiling world markets and unleashing fresh geopolitical uncertainty.
The benchmark S&P 500 was on track to finish the week slightly lower, although gains in technology and communication services stocks were pushing the index higher on the session.
The Dow Jones Industrial Average .DJI fell 0.16% to 42,308.60, the S&P 500 .SPX rose 0.49% to 5,838.33 and the Nasdaq Composite .IXIC rose 1.15% to 18,627.44.
The European shares index .STOXX ended slightly lower 0.04% after giving up gains in choppy trading and finished 1.2% lower. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed higher by 0.3% but dropped nearly 2% for the week.
"Over time, interest rates, inflation and the economy are the leading factors that affect the stock market," said Tom Plumb, CEO and portfolio manager at Plumb Funds in Madison, Wisconsin.
"But in the short run, there's no question that this is a market being bounced around by political developments and expectations, and the general perception that Trump would be better for the markets than Harris."
Brent crude oil futures LCOc1 rose 2.15%, to $75.98 a barrel. U.S. West Texas Intermediate crude CLc1 was up 2.27% at $71.78.
U.S. Treasury yields edged higher as investors wait on key employment data next week for fresh clues on the likely path of Federal Reserve interest rate cuts.
Traders are now pricing in near 95% odds of a 25 basis-point cut at the Fed's November meeting, according to the CME Group's FedWatch Tool. The yield on benchmark U.S. 10-year notes US10YT=RR rose 0.6 basis points to 4.208%.
The dollar advanced and was set for a fourth weekly gain against Japan's yen, as an uncertain backdrop for markets sent the yen near three-month lows ahead of an election in Japan over the weekend.
The dollar JPY=EBS strengthened 0.14% against the yen to 152.03. Against the Swiss franc CHF=, the dollar strengthened 0.09% to 0.866. The euro EUR=EBS, however, was down 0.14% at $1.0812. Sterling GBP= strengthened 0.05% to $1.2978.
The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.11% to 104.16.
Gold prices were flat in choppy trading after retreating from record highs. Spot gold XAU= rose 0.08% to $2,737.94 an ounce. U.S. gold futures GCc1 fell 0.04% to $2,733.90 an ounce. Prices had hit an all-time high of $2,758.37 on Wednesday.
World FX rates YTD http://tmsnrt.rs/2egbfVh
Reporting by Chibuike Oguh in New York; Editing by Marguerita Choy and Hugh Lawson
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