* World shares climb to fresh record high, up 0.2%
* Copper prices at all-time peak
* Cyber attack on U.S. pipeline lifts oil prices
* Shock U.S. jobs data ease concerns over Fed rate hikes
* Dollar nurses losses, sterling rises above $1.40
(Updates throughout)
By Koh Gui Qing
NEW YORK, May 10 (Reuters) - The Dow Jones Industrial
Average jumped to a record high for the sixth consecutive
session on Monday as investors bet on interest rates staying low
to help a still-fragile U.S. economy, which in turned dragged
the U.S. dollar to a 2-1/2-month low.
Oil prices pared earlier gains as concerns that rising
COVID-19 cases in Asia will dampen demand outweighed the impact
of the shutdown of major fuel pipelines in the United States
following a cyber attack.
The Dow Jones Industrial Average climbed 0.69% while
the S&P 500 edged down 0.11%, and the Nasdaq Composite
shed 1.5%.
The buoyancy in the Dow was mirrored in stock markets
elsewhere, with Europe's STOXX 600 index also inching
up to an all-time high as mining stocks leapt on record copper
prices.
Expectations of improved demand amid a tightening supply
have helped copper prices to shoot higher, with the rally
amplified by investors piling in for fear they might be missing
out.
With many asset prices flying at all-time highs, some
counselled caution.
"I have never seen a market this frothy in 50 years," said
Harry Clark, chairman and founder of Clark Management Group,
which manages over $45 billion.
"We are going to go into a correction some time soon and
caution is the word on my mind today."
Indeed, some currency investors appeared to be less upbeat
than their equity counterparts as they sold the dollar on bets
that the U.S. economic recovery would be slower than expected.
By midday, the dollar index had pared earlier losses
but still held at a 2-1/2-month low of 90.153.
A softer dollar gave a fillip to the pound, which broke
above the key $1.40 level for the first time in more than two
months, even as pro-independence parties in Scottish elections
won a majority.
The pound was up 1.06% against the dollar at $1.41355
.
A weaker dollar also helped to boost gold prices. Spot gold
rose 0.3% to $1,836.00 per ounce, after touching its
highest since Feb. 11 at $1,845.06.
In recent weeks, some investors had been placing bets that a
robust U.S. economic recovery from the coronavirus pandemic
would force the Fed to tighten policy earlier than the central
bank has outlined.
However, a weak nonfarm payrolls report on Friday caused a
rapid reversal in some of these trades, which rippled through
stocks, bonds and major currencies.
U.S. President Joe Biden said after the report that the
figures showed the economy was not at risk of overheating and
underscored how vital his administration's economic actions are.
The focus now shifts to U.S. consumer price data due on
Wednesday, which will help investors determine whether they need
to scale back their inflation expectations even further.
Longer-dated U.S. Treasury yields edged higher on Monday as
investors eyed the inflation data due this week. The yield on
benchmark 10-year Treasury notes stood at 1.5914%
after plunging to a two-month low of 1.469% on Friday.
In the cryptocurrency market, ether rose to a
fresh record above $4,000 and was last up 6.3%. Bigger rival
bitcoin fell 1.3% to $57,580.
Brent crude rose 0.15% to $68.38 per barrel as the
disruption to U.S. supplies rattled energy markets, while U.S.
crude also added 0.15% to $65 a barrel.
The White House was working closely with top U.S. fuel
pipeline operator Colonial Pipeline to help it recover from the
ransomware attack that forced the company to shut its main fuel
lines.
(Reporting by Danilo Masoni in Milan and Stanley White in
Tokyo; editing by Mark Heinrich and Steve Orlofsky)