NEW YORK, Nov 1 — World stocks advanced yesterday and set a record 12th straight month of gains as Europe outpaced the advance on Wall Street, while the US dollar was flat but saw its best month since February.

Wall Street ended the session in positive territory, with the Nasdaq scoring the best day of the three major indexes.

Apple shares, up 1.39 per cent, and strong earnings from Oreo cookie maker Mondelez, up 5.42 per cent, boosted the S&P 500. Qualcomm shares weighed, down 6.68, on reports Apple would not use its modem chips in iPhones and iPads from next year.

European stocks closed with a 5 1/2-month high and a 1.8-per cent gain for October, buoyed by data that showed euro zone growth of 2.5 per cent year-on-year and unemployment at its lowest since early 2009.

Economic data in the United States was also positive as consumer confidence jumped to a near 17-year high in October, with households upbeat about the labour market and business conditions.

Apple shares gained after the first reviews of its iPhone X gave it mostly positive marks. The phone is scheduled for release on Friday, a day after the company is set to report earnings. Also on the tech front, Facebook was scheduled to post results on Wednesday.

The Dow and S&P scored their seventh straight month of gains while the Nasdaq gained for a fourth straight month. For October, the Dow gained 4.3 per cent, the S&P rose 2.2 per cent and the Nasdaq gained 3.6 per cent — the best monthly performance for each index since February.

However, investors also exercised caution ahead of announcements from the Bank of England and U.S. Federal Reserve, as well as the expected nomination of a new Fed chair on Thursday and Friday's U.S. jobs report.

"The macro data is getting better, the market is prepared for Jerome Powell, the market is also prepared for Friday’s payrolls. I also think the market is ready for what the (Fed) says tomorrow,” said Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York.

"I don’t think there is anything out there that could derail the market from a point of view it doesn’t already expect.”

The Dow Jones Industrial Average rose 28.5 points, or 0.12 per cent, to 23,377.24, the S&P 500 gained 2.43 points, or 0.09 per cent, to 2,575.26 and the Nasdaq Composite added 28.71 points, or 0.43 per cent, to 6,727.67.

The US dollar index, which measures the greenback against major currencies, was flat, with the euro unchanged at US$1.1649.

US Treasury prices were steady. Benchmark 10-year notes last fell 2/32 in price to yield 2.3775 per cent, from 2.37 per cent late on Monday.

Record run

The MSCI's 47-country "All World” index topped its 2003 run of 11 straight months of gains. It gained 0.13 per cent yesteray. The pan-European FTSEurofirst 300 index rose 0.24 per cent.

Oil prices advanced modestly as the prospect of increasing US exports dampened bullish sentiment that has driven Brent to more than two-year highs above US$60 (RM254) per barrel.

US crude settled up 0.42 per cent at US$54.38 per barrel and Brent was last at US$61.37, 0.77 per cent on the day. — Reuters