GLOBAL MARKETS-U.S. stocks gain but dollar, other equities fall

                                
   * U.S. stocks gain on Bernanke outlook, other markets fall
                                
 * Dollar pares gains vs yen after U.S. housing data
                                
 * Bonds slip as stock rebound pares safe-haven bid
                                
 * Oil rebounds slightly but remains below $75 a barrel
                                
 (Updates with U.S. markets, changes byline; dateline
previously LONDON)
                                
 By Herbert Lash
                                
 NEW YORK, Jan 25 (Reuters) - U.S. stocks rose on Monday on
expectations Federal Reserve Chairman Ben Bernanke will be
confirmed for a second term, yet glum U.S. home sales dampened
recovery hopes and pushed the U.S. dollar and European equities
lower.
                                
 Data showed existing U.S. home sales fell at the fastest
pace on record in December, a bearish sign for the crucial
housing market and the global economic recovery. For details
see: [ID:nLDE60O0VK]
                                
 The dollar pared gains versus the yen after the
sharper-than-expected fall in home sales, while gold rose to
around $1,100 an ounce in Europe as the dollar eased broadly.
[ID:nN25186713]and[ID:nLDE60O0VK]
                                
 Existing U.S. home sales fell 16.7 percent in December
after a gain of 7.4 percent in November. Analysts had expected
home sales to fall 10 percent. [ID:nN25214275]
                                
 "This number underscores how the housing recovery is slow
and bloody, and how slow total recovery may be," said Subodh
Kumar, chief investment strategist of Subodh Kumar & Associates
in Toronto.
                                
 The major U.S. equity indexes briefly cut their gains on
news of the U.S. home sales data, with the Nasdaq dipping into
negative territory before recovering.
                                
 Shortly after midday, the Dow Jones industrial average
<.DJI> was up 52.98 points, or 0.52 percent, at 10,225.96. The
Standard & Poor's 500 Index <.SPX> was up 7.09 points, or 0.65
percent, at 1,098.85. The Nasdaq Composite Index <.IXIC> was up
5.61 points, or 0.25 percent, at 2,210.90.
                                
 Regional European shares and Britain's top share index
extended their losses to a fourth day.
                                
 The pan-European FTSEurofirst 300 <.FTEU3> index of top
shares fell 0.6 percent to end at 1,018.65 points, its lowest
close since Dec. 18. The FTSE 100 <.FTSE> closed down 0.8
percent at 5,260.31.
                                
 U.S. Treasury debt prices dipped, as Wall Street recovered
from the Dow's worst three-day slide in 10 months, reducing the
safe-haven appeal of bonds. [ID:nN25183664]
                                
 The benchmark 10-year U.S. Treasury note <US10YT=RR> was
down 7/32 in price to yield 3.63 percent.
                                
 Investor anxiety was also reduced as U.S. President Barack
Obama and Congressional leaders rallied support for Bernanke to
win a second term as Federal Reserve chairman, analysts said.
For details, see [ID:nN24167367]
                                
 "It's taking a lot of uncertainty out of the stock market,
and that causes the bond market to pull back," said Robert
Zukowski, senior technical analyst with 4Cast Ltd in New York.
                                
 The dollar was down against a basket of major currencies,
with the U.S. Dollar Index <.DXY> down 0.07 percent at 78.223.
                                
 The euro <EUR=> was up 0.05 percent at $1.4144, and against
the yen, the dollar <JPY=> was up 0.39 percent at 90.24.
                                
 "A little bit of risk aversion coming back on the books,"
said Greg Salvaggio, senior vice president of capital markets
at Tempus Consulting in Washington. "This morning's housing
data does not bode well for the overall economy."
                                
 The softer U.S. dollar and investors looking for a bargain
helped buoy metal prices, traders said. [USD/]
                                
 Copper firmed but is expected to come under pressure from
U.S. plans to rein in bank trading activities and further
monetary tightening in China, the world's largest consumer of
industrial metals. [ID:nLDE60O0TZ]
                                
 Oil prices edged higher but remained below $75 a barrel,
tracking stock market gains, yet continuing signs of weak
demand and concerns over a U.S. proposal to tighten bank
trading rules kept a damper on a further rise in prices.
[ID:nSGE60O05V]
                                
 Prices have fallen by almost $10 a barrel over the last two
weeks since hitting a 15-month peak of $83.95 on Jan. 11.
                                
 U.S. light sweet crude oil <CLc1> rose 11 cents to $74.65 a
barrel.
                                
 Asian stocks fell, with the Nikkei <.N225> ended down 0.74
percent at a four-week closing low and the MSCI index for Asia
ex-Japan shares <.MIAPJ0000PUS> was down 0.7 percent.
 (Reporting by Ryan Vlastelica, Wanfeng Zhou, Richard Leong in
New York; Brian Gorman in London; writing by Herbert Lash;
Editing by Andrew Hay)