* Stocks slip on labor data, pare losses on housing
* Euro stung by Ireland bank woes, weak economic data
* Oil falls below $74 a barrel after U.S. data
* Gold holds near record high on currency fears
(Adds opening of U.S. markets, changes byline, dateline;
previous LONDON)
By Herbert Lash
NEW YORK, Sept 23 (Reuters) - World stocks slipped, the
dollar extended losses and oil prices fell on Thursday after
fresh signs of U.S. labor and housing market weakness rekindled
fears the U.S. economic recovery remains anemic.
Gold held near record highs, eyeing a breach of $1,300 an
ounce, while the weak economic data boosted U.S. and German
government securities prices on growing speculation the Federal
Reserve would buy debt to aid the U.S. economy.
U.S. and European shares fell on a rise in U.S. jobless
claims, but some of the losses were capped after data on
existing-home sales.
MSCI's all-country world stock index <.MIWD00000PUS> fell
0.3 percent, while the Nasdaq Composite index rose as
pharmaceuticals and technology stocks led gains. The Dow and
S&P 500 were little changed.
The Dow Jones industrial average <> was down 11.05
points, or 0.10 percent, at 10,728.26. The Standard & Poor's
500 Index <.SPX> was down 1.70 points, or 0.15 percent, at
1,132.58. The Nasdaq Composite Index <> was up 7.62
points, or 0.33 percent, at 2,342.17.
"Equities have been behaving as if the economy was moving
stronger, which is not happening. I think we are in a trading
range, but short-term the markets are going to shed this belief
of a stronger recovery," Subodh Kumar, chief investment
strategist at Subodh Kumar & Associates in Toronto.
New U.S. claims for unemployment benefits rose unexpectedly
last week, boosting risk aversion because of the continued
labor market weakness.
U.S. existing-home sales rose 7.6 percent to an annual rate
of 4.13 million units in August, according to the National
Association of Realtors. While sales rose last month, the pace
was still the second lowest in 13 years.
Christopher Low, chief economist at FTN Financial in New
York, said the data needed to be put in perspective after a 27
percent drop in July.
"The data confirms what we already know, which is the
expiration of the first-time homebuyer's tax credit has hurt
both new and existing sales," Low said.
Oil also recouped some losses after the housing data
suggested the housing slide may have bottomed. Oil fell to just
above $74 a barrel after fuel inventories swelled to record
levels. []
U.S. light sweet crude oil <CLc1> fell 26 cents to $74.45 a
barrel.
The dollar was up against major currencies, with the U.S.
Dollar Index <.DXY> up 0.19 percent at 79.983 from a previous
session close of 79.830.
The euro <EUR=> was down 0.42 percent at $1.3343, and
against the Japanese yen, the dollar <JPY=> was down 0.19
percent at 84.36.
The benchmark 10-year U.S. Treasury note <US10YT=RR> was up
7/32 in price to yield 2.53 percent.
Major markets in Asia were closed due to holidays in Japan,
China, Hong Kong and South Korea.
(Reporting by Angela Moon, Vivianne Rodrigues and Ellen
Freilich in New York and Ian Chua, Marie-Louise Gumuchian and
Jan Harvey in London; Writing by Herbert Lash; Editing by
Kenneth Barry)
