* World share index set for record 12th month of gains
* European stocks hit 5-1/2-month high
* Brent crude hovers near two-year highs (Updates with European market close, changes byline)
By Chuck Mikolajczak
NEW YORK, Oct 31 (Reuters) - World stocks advanced on Tuesday and were poised for a record twelfth month of gains as Europe outpaced gains on Wall Street while the dollar edged up, on track for its best month of the year.
Wall Street had a choppy morning while European stocks closed at a 5 1/2-month high and a 1.8-percent gain for October, buoyed by data that showed euro zone growth of 2.5 percent year-on-year and unemployment at its lowest since early 2009. data in the U.S. was also positive, as consumer confidence jumped to a near 17-year high in October, with households upbeat about the labor market and business conditions. AAPL.O shares, up 1.35 percent, and strong earnings from Oreo cookie maker Mondelez MDLZ.O , up 6.11 percent, boosted the S&P 500 while a 0.85-percent decline in Pfizer 's PFE (NYSE:PFE).N shares following the drugmaker's earnings weighed. shares gained after the first reviews of its iPhone X received mostly positive marks. The phone is scheduled for release on Friday, a day after the company is set to report earnings. Also on the tech front, Facebook FB.O. was scheduled to post results on Wednesday.
"Earnings have been the key driver," said Jeff Carbone, managing partner at Cornerstone Financial Partners. "We're going through a period without any major pullbacks and that must be warranted to the economic data and earnings."
With 306 of S&P 500 companies having reported earnings, 73 percent have topped Wall Street expectations, according to Thomson Reuters data, compared with the 72 percent average over the past four quarters.
The Dow Jones Industrial Average .DJI rose 18.1 points, or 0.08 percent, to 23,366.84, the S&P 500 .SPX gained 3.49 points, or 0.14 percent, to 2,576.32 and the Nasdaq Composite .IXIC added 27.05 points, or 0.4 percent, to 6,726.02.
The dollar index .DXY , which measures the greenback against major currencies, was on track for its biggest monthly rise since November 2016. investors also exercised caution ahead of announcements from the Bank of England and U.S. Federal Reserve, as well as the expected nomination of a new Fed chair on Thursday and Friday's U.S. jobs report.
The dollar index .DXY rose 0.02 percent, with the euro EUR= down 0.03 percent to $1.1646.
U.S. Treasury prices were steady. Benchmark 10-year notes US10YT=RR last fell 1/32 in price to yield 2.3739 percent, from 2.37 percent late on Monday. 30-year bond US30YT=RR last rose 4/32 in price to yield 2.8746 percent, from 2.88 percent late on Monday.
RECORD RUN
The MSCI's 47-country 'All World' index .MIWD00000PUS was set to top its 2003 run of 11 straight months of gains. It gained 0.14 percent Tuesday. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.24 percent.
Oil prices advanced modestly as the prospect of increasing U.S. exports dampened bullish sentiment that has driven Brent to more than two-year highs above $60 per barrel. crude CLcv1 rose 0.54 percent to $54.44 per barrel and Brent LCOcv1 was last at $61.05, up 0.76 percent on the day.
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http://reut.rs/2gXi00v GRAPHIC-World FX rates in 2017
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http://reut.rs/2mcp7T1 GRAPHIC-Emerging markets in 2017
http://tmsnrt.rs/2ihRugV
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