S&P 500, Nasdaq hit record closing highs; Turkey's lira plunges



* S&P 500, Nasdaq register record closing highs

* Dollar dips

* Turkey's lira plunges on rate cut (Updates with closing U.S. market levels)

By Caroline Valetkevitch

NEW YORK, Nov 18 (Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia NVDA.O , while Turkey's lira weakened further after its central bank cut rates.

MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower. Nvidia's stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's M.N shares shot up 21.2% after it raised its earnings outlook.

On the flip side, Cisco Systems CSCO.O shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.

Investors have been concerned over further increases in price pressures. Retail giant Target TGT.N warned of higher costs earlier this week.

New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.

The Dow Jones Industrial Average .DJI fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500 .SPX gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite .IXIC added 72.14 points, or 0.45%, to 15,993.71.

The pan-European STOXX 600 index .STOXX lost 0.46% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.03%.

Turkey's lira TRYTOM=D3 shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.

"The lira remains a punching bag, and further weakness has no end in sight," said Edward Moya, senior market analyst at Oanda.

The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.

The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.

The dollar index =USD , which measures the currency against a basket of six rivals, was last down 0.3%.

In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.

Benchmark 10-year notes US10YT=RR were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.

Oil prices rose slightly after dropping to six-week lows.

Brent crude LCOc1 settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures Clc1 closed 65 cents, or 0.8%, higher at $79.01.

U.S. gold futures GCv1 settled down 0.5% at $1,861.4.



World FX rates YTD Link
Global asset performance Link
Asian stock markets Link
Lira timeline November 2021 Link



Additional reporting by Tom Westbrook in Sydney and Marc Jones
and Sujata Rao in London; Karen Brettell and John McCrank in New
York; editing by Shri Navaratnam, Sam Holmes, Philippa Fletcher
and Dan Grebler



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