* European shares snap six-day winning streak
* Oil slumps as Libya restarts oilfields
* Wall Street edges up on earnings
(Updates with close of U.S. market, oil settlement prices)
By Chuck Mikolajczak
NEW YORK, April 27 A gauge of world stock
markets slipped on Thursday as a three-day rally stalled in the
wake of a largely expected U.S. tax cut plan, while the euro
weakened after comments from European Central Bank President
On Wall Street, stocks edged higher as the Nasdaq notched
the day's best performance. Investors focused on a stream of
solid earnings reports after a lukewarm reception for U.S.
President Donald Trump's tax plan unveiled on Wednesday, as some
details of the plan were largely anticipated by investors.
Corporate earnings continue to show strong results for the
quarter. Comcast, up 2.1 percent, was the top boost to
the benchmark S&P 500 index after reporting results.
"Most folks were expecting a build in earnings acceleration
and that's what we've got," said Michael Arone, chief investment
strategist at State Street Global Advisors in Boston.
"Despite all the economic and geopolitical noise, ultimately
the market has been responding to improving earnings."
Arone said a premium has been built into stock prices on
bets of tax reform and other policies expected from the Trump
administration, so "when that is in question, you see a sideways
First-quarter earnings are expected to show growth of 12.4
percent, the best since 2011, according to Thomson Reuters data.
U.S. economic data showed new orders for U.S.-made capital
goods rose less than expected in March, but a second straight
monthly increase in shipments suggested business investment
accelerated in the first quarter.
The Dow Jones Industrial Average rose 6.3 points, or
0.03 percent, to 20,981.39, the S&P 500 gained 1.32
points, or 0.06 percent, to 2,388.77 and the Nasdaq Composite
added 23.71 points, or 0.39 percent, to 6,048.94.
Europe's main bourses closed lower after falling as much as
0.5 percent as traders pulled back after a six-session winning
streak on relief at the outcome of the first round of France's
presidential election and encouraging earnings.
The pan-European FTSEurofirst 300 index lost 0.23
percent and MSCI's gauge of stocks across the globe
shed 0.06 percent to edge down from a record.
As widely expected, the ECB made no changes to its record-
low interest rates or stimulus program. But euro zone government
bond yields and the euro fell after Draghi said policymakers did
not discuss removing the bank's easing bias on monetary policy
at this month's meeting.
The benchmark 10-year Bund yield was last down
almost 5 basis points at 0.303 percent. The euro was down
0.24 percent to $1.0877 against the dollar.
After weakening against the greenback on Wednesday, the
Canadian dollar and Mexican peso went in opposite
directions after Washington said it would not scrap the North
American Free Trade Agreement (NAFTA).
The Mexican peso strengthened 0.67 percent versus the U.S.
dollar at 19.05, while the Canadian dollar weakened 0.04 percent
versus the greenback at 1.36 per dollar.
Oil prices renewed their slump after news that two key
oilfields in Libya had restarted, pumping crude for export into
an already swollen market. Brent crude is on track for its
seventh decline in nine sessions.
U.S. crude settled down 1.3 percent at $48.97 per
barrel and Brent settled off 0.7 percent at $51.44 on
(Additional reporting by Rodrigo Campos; Editing by Dan