(Changes throughout, updates prices)
By Rodrigo Campos
NEW YORK, Jan 22 (Reuters) - A gauge of stocks across the world slipped from record highs on Friday and oil prices fell to end the week little changed as weak economic data and underwhelming earnings drove investors to reverse some recent risky bets.
The dollar index , set to post its largest weekly drop in five weeks, edged higher for the first time since Monday.
Financial and technology stocks weighed the most on the S&P 500, with IBM IBM and Intel INTC.O posting 10% and 9% declines respectively after underwhelming earnings. stocks also fell on Wall Street, alongside the price of crude.
With stock valuations nearing levels not seen in two decades, some market participants said new COVID-19 variants and hiccups in vaccine rollouts pose near-term risks for equities.
"If we're forced to keep the economy closed and it takes longer than we want to get through immunizations and vaccinations for the coronavirus, that's going to be a little rougher on the market than people apparently anticipated," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.
The Dow Jones Industrial Average .DJI fell 123.79 points, or 0.4%, to 31,052.22, the S&P 500 .SPX lost 6.56 points, or 0.17%, to 3,846.51 and the Nasdaq Composite .IXIC added 11.11 points, or 0.08%, to 13,542.02.
The pan-European STOXX 600 index .STOXX lost 0.57% after a survey showed economic activity in the euro zone shrank markedly in January, with the services sector weighed by lockdown restrictions to contain the coronavirus pandemic. .EU
MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.40%.
The Japanese yen weakened 0.31% versus the greenback at 103.82 per dollar.
Overnight data from Japan showed that factory activity slipped into contraction in January and the services sector was more pessimistic as emergency measures to combat a COVID-19 resurgence hit sentiment. commodities, oil prices were weighed down by a build-up in U.S. crude inventories and by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. O/R
"The pandemic seems to continue to expand into a second wave in China, with infections rising by the day and reaching again different regions such as Shanghai," said Rystad Energy oil markets analyst Louise Dickson.
Benchmark 10-year notes US10YT=RR last rose 5/32 in price to yield 1.0906%, from 1.107% late on Thursday.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Global assets
http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar
http://tmsnrt.rs/2egbfVh Emerging markets
http://tmsnrt.rs/2ihRugV MSCI All Country World Index Market Cap
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