GLOBAL MARKETS-Stocks dip as rotation continues; yields, dollar rise – Reuters Canada

GLOBAL MARKETS-Stocks dip as rotation continues; yields, dollar rise – Reuters Canada

* U.S. 10-yr yield hits 13-month high* Gold little changed, bitcoin dips* Crude slips after two strong weekly gains (Updates prices, comments)NEW YORK, March 12 (Reuters) - An index of stocks across the world fell on Friday but was set to post its strongest weekly gain in five, while benchmark Treasury yields climbed to 13-month highs, partly on optimism after a $1.9 trillion recovery package was signed into law.Gains in Shanghai and Tokyo stock markets proved tough to match in Europe and on Wall Street, where banks were the silver lining and the Nasdaq underperformed as the rotation from growth to value continued. The Dow Industrials hit a record high.The spike in Treasury yields gave support to the dollar while the sell-off in stocks shone a light on the greenback's safe haven appeal.Against a backdrop of super-loose monetary policy, some analysts expect inflation to pick up as vaccine rollouts lead to economies reopening, leading to worries that the stimulus package could overheat the American economy.U.S. President Joe Biden signed the stimulus legislation before giving a televised address on Thursday night in which he pledged aggressive action to speed vaccinations and move the country closer to normality by July 4.“We are