GLOBAL MARKETS - US Stocks End Mixed on Rising Treasury Yields, Middle East Jitters

GLOBAL MARKET - NEW YORK, April 16 (Reuters) - Wall Street see-sawed to a mixed close on Tuesday as rising U.S. Treasury yields and elevated geopolitical worries counteracted a generally positive string of first-quarter corporate results.

While the S&P 500 and the Nasdaq ended the session modestly lower, the blue-chip Dow was boosted into positive territory by UnitedHealth Group UNH.N shares in the wake of its earnings report.

But stocks were held in check by benchmark Treasury yields climbing to fresh five-month highs due to dimming expectations of an interest rate cut from the U.S. Federal Reserve.

Fed Chair Jerome Powell said on Tuesday it will likely take the central bank longer than expected to become confident that inflation is falling, due to a run of disappointing data.

Tensions arising from the growing conflict in the Middle East were brought back to the boil after Israel vowed to respond to Iran's weekend attack despite international calls for restraint.

"We’re into earns season, where on any particular day, depending on who’s reporting, you’ll get some ripples," said Chuck Carlson chief executive officer at Horizon Investment Services in Hammond, Indiana. "Second, there's the continuing overhang of Middle East concerns weighing on decisions whether to buy or not, and third, you’ve got investors trying to evaluate the apparent reacceleration of inflation."

With first-quarter earnings season underway, upbeat results from UnitedHealth as well as Morgan Stanley MS.N offset Bank of America's BAC.N and Johnson & Johnson's JNJ.N respective profit drop and revenue miss.

"I expect the market to begin to buy again, but in the near term geopolitical concerns are outweighing the strength of the U.S. economy," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "You need strong earnings to keep this rally moving."

The Dow Jones Industrial Average .DJI rose 63.66 points, or 0.17%, to 37,798.77; the S&P 500 .SPX lost 10.44 points, or 0.21%, to 5,051.38; and the Nasdaq Composite .IXIC dropped 19.77 points, or 0.12%, to 15,865.25.

European shares notched their biggest single-day percentage drop in over nine months as rising anxieties over the Middle East conflict dampened investor risk appetite.

The pan-European STOXX 600 index .STOXX lost 1.53% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.77%.

Emerging market stocks lost 2.01%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 2.08% lower, while Japan's Nikkei .N225 lost 1.94%.

Yields for 10-year U.S. Treasuries hit a new five-month high on diminishing expectations of Fed policy easing this year, and after stronger-than-expected economic data from China revived worries that inflation could reaccelerate.

Benchmark 10-year notes US10YT=RR last fell 8/32 in price to yield 4.6612%, from 4.628% late on Monday.

The 30-year bond US30YT=RR last fell 11/32 in price to yield 4.7626%, from 4.74% late on Monday.

The dollar touched a five-month high against a basket of world currencies but was last essentially unchanged, as the yen continued to hover near 34-year lows, keeping intervention watchers on alert.

The dollar index .DXY rose 0.12%, with the euro EUR= down 0.02% to $1.062.

The Japanese yen JPY= weakened 0.23% versus the greenback to 154.66 per dollar, while sterling GBP= was last trading at $1.2431, down 0.10% on the day.

Crude prices settled nearly flat as economic headwinds countered supply concerns arising from geopolitical turmoil.

U.S. crude CLc1 edged down 0.06% to settle at $85.36 per barrel, while and Brent LCOc1 settled at $90.02 per barrel, down 0.09% on the day.

Gold prices inched higher as the safe-haven metal's gains were capped by rising Treasury yields.

Spot gold XAU= added 0.3% to $2,389.69 an ounce.

By Stephen Culp

(Reporting by Stephen Culp; Additional reporting by Amanda Cooper in London; Editing by Marguerita Choy, Chizu Nomiyama and Jonathan Oatis)