* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh (Updates to market close)
By Stephen Culp
NEW YORK, April 7 (Reuters) - The S&P 500 and the Dow closed modestly higher and Treasury yields reversed slight losses after the Federal Reserve, in minutes of its latest meeting, said that the economic recovery remains far from complete despite showing signs of progress.
The Nasdaq ended the session nominally lower, and economically sensitive small caps .RUT and transports .DJT crossed the finish line well into negative territory.
"Today is noncommittal, not much going on, not much conviction one way or another," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "We're in a wait-and-see period, in that transition between not a lot happening, just before earnings begin in a couple of weeks."
The U.S. Federal Reserve released the minutes from its most recent monetary policy meeting, in which the participants expressed caution about ongoing risks of the pandemic and reiterated the Fed's commitment to an accommodative stance until the rebound was more secure. minutes contained few surprises and appear to have been baked in to the markets.
"The Fed (minutes were) more of the same, it will be a while before we see changes in their policy decisions," Pavlik added. "You saw a little bit of a bounce in the markets but it's faded."
The Dow Jones Industrial Average .DJI rose 16.02 points, or 0.05%, to 33,446.26, the S&P 500 .SPX gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite .IXIC dropped 9.54 points, or 0.07%, to 13,688.84.
European stocks inched lower, closing just below record highs, while optimism over speedy inoculations and the soft pound sterling powered the UK's exporter-laden FTSE 100's .FTSE 0.9% advance. pan-European STOXX 600 index .STOXX lost 0.22% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.07%.
Emerging market stocks lost 0.61%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.57% lower, while Japan's Nikkei .N225 rose 0.12%.
U.S. Treasury yields regained some ground after dipping following the release of the Fed minutes, which reinforced expectations that interest rates will remain near zero for some time. 10-year notes US10YT=RR last fell 4/32 in price to yield 1.6686%, down from 1.656% late on Tuesday.
The 30-year bond US30YT=RR last fell 25/32 in price to yield 2.3549%, up from 2.316% late on Tuesday.
The dollar slightly advanced against a basket of world currencies after oscillating for much of the session, rising in the wake of the Fed minutes release. dollar index .DXY rose 0.08%, with the euro EUR= down 0.03% to $1.1872.
The Japanese yen weakened 0.05% versus the greenback at 109.83 per dollar, while the British pound GBP= was last trading at $1.3733, down 0.65% on the day.
Crude oil prices rose on an improving global economic outlook, but were held in check by rising gasoline inventories. crude CLcv1 settled at $59.77 per barrel, up 0.74%, while Brent LCOcv1 gained 0.67% to settle at $63.16 per barrel.
Gold prices dipped as economic optimism drew investors away from the safe-haven metal in favor of riskier assets. gold XAU= dropped 0.4% to $1,737.11 an ounce. U.S. gold futures GCv1 settled 0.1% lower at $1,741.6.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Global assets
http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar
http://tmsnrt.rs/2egbfVh Emerging markets
http://tmsnrt.rs/2ihRugV MSCI All Country World Index Market Cap
http://tmsnrt.rs/2EmTD6j How financial markets have performed over the last week
https://tmsnrt.rs/3cTyu42
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