* U.S., German govt bond yields hit multi-week highs
* Oil prices pare losses after losing more than 1.5 percent
* Wall Street rises but European shares dip
* Reduced Syria anxiety also takes dollar down
By Hilary Russ
NEW YORK, April 16 (Reuters) - Wall Street rose while oil and government bond prices fell on Monday on the view that this weekend's U.S.-led missile strikes on Syria were unlikely to mark the start of a broader conflict.
Saturday's strikes marked the biggest intervention by Western countries against Syrian President Bashar al-Assad and his ally Russia, which is facing further economic sanctions over its role in the conflict. is a feeling (in the market) that there will be no follow-up action," Rabobank fixed income analyst Lyn Graham-Taylor said.
The Dow Jones Industrial Average .DJI rose 190.35 points, or 0.78 percent, to 24,550.49, the S&P 500 .SPX gained 16.89 points, or 0.64 percent, to 2,673.19 and the Nasdaq Composite .IXIC added 29.31 points, or 0.41 percent, to 7,135.96. action was well-received ... and that's giving a chance for investors to focus on macro news and earnings," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Healthcare shares .SPXHC also rose after positive updates on a cancer drug from Merck (NYSE:MRK) MRK.N . that the strike against Syria would not escalate further also spurred investors to shed the U.S. dollar. dollar index .DXY fell 0.3 percent, with the euro EUR= up 0.28 percent to $1.2364.
European shares eased, however, adding to a mixed picture from Asian stock markets and suggesting that a degree of caution prevails.
The pan-European FTSEurofirst 300 index .FTEU3 lost 0.41 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.5 percent lower, as Chinese blue-chips .CSI300 skidded 1.6 percent.
MSCI's gauge of stocks across the globe .MIWD00000PUS , which tracks shares in 47 countries, gained 0.30 percent.
European and U.S. government bond yields, which move inversely to prices, rose across the board. That was partly as attention turned to what is expected to be a robust first-quarter U.S. corporate earnings season, which begins in earnest this week.
The yields on German and U.S. government bonds, among the most liquid and safe assets in the world, were at their highest levels in nearly two weeks and four weeks, respectively. 10-year notes US10YT=RR last fell 5/32 in price to yield 2.8469 percent, from 2.828 percent late on Friday. 30-year bond US30YT=RR last fell 7/32 in price to yield 3.0463 percent, from 3.036 percent.
Some other traditional safe-haven bets held firmer, with gold XAU= and Japan's yen JPY= edging higher. were keeping a wary eye on Japanese politics after a survey showed support for Prime Minister Shinzo Abe had fallen to 26.7 percent, the lowest since he took office in late 2012. so, Japan's Nikkei .N225 rose 0.26 percent. prices, meanwhile, recouped some losses after falling sharply. Brent crude LCOcv1 was last at $71.78, down 1.1 percent on the day, with a rise in U.S. drilling for new production also dragging on prices. crude CLcv1 fell 1.34 percent to $66.49 per barrel.
For Reuters' Live Markets blog on European and UK stock markets, open a news window on Reuters Eikon by pressing F9 and type in 'Live Markets' in the search bar.
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http://tmsnrt.rs/2jvdmXl GRAPHIC-Emerging markets in 2018
http://tmsnrt.rs/2ihRugV GRAPHIC-World FX rates in 2018
http://tmsnrt.rs/2egbfVh GRAPHIC-MSCI All Country World Index Market Cap
http://tmsnrt.rs/2EmTD6j GRAPHIC-Euro zone periphery govt bond yields
http://tmsnrt.rs/2ii2Bqr
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