GLOBAL MARKETS-Stocks mixed, commods jump before Slovak EU vote

* Stocks end up on pre-earnings support after choppy run
* Oil at $110 in London, U.S. wheat jumps most in a year
* Slovak vote on aid fund delayed but analysts confident

By Barani Krishnan
NEW YORK, Oct 11 (Reuters) - Stocks ended a volatile
session with slight gains and commodities extended their rally
on Tuesday as investors held back from big bets ahead of U.S.
earnings reports, as well as on concerns about the euro zone
debt crisis.
Wall Street stocks settled in mostly positive territory --
helped by bets on third-quarter results from aluminum producer
Alcoa Inc -- while sentiment was still fragile from the
sell-off of the past month.
"Earnings are always important but even more so here after
several quarters of solid earnings across many industry
sectors. I think investors are going to want to see that
continuing or solidifying itself," said Michael Cuggino,
president and portfolio manager of Permanent Portfolio Funds in
San Francisco.
"Otherwise, you could see further sell-offs," he added.
In commodities trading, crude oil settled up 1.5
percent at above $110 a barrel in London.
Agricultural markets in Chicago surged, with wheat
rising over 8 percent -- its most in a year -- to finish above
$6.60 a bushel on bets that a U.S. government crop report due
Wednesday would show smaller-than-expected grain stockpiles.
The Dow Jones industrial average lost 16.88 points,
or 0.15 percent, to end at 11,416.30. But the benchmark
Standard & Poor's 500 Index rose 0.65 point, or 0.05
percent, to 1,195.54. The Nasdaq Composite Index was up
16.98 points, or 0.66 percent, at 2,583.03.
"The market was overshot on the downside and now we're
making it up to a certain degree," said Wayne Kaufman, chief
market strategist at John Thomas Financial in New York.
In Monday's trading, the S&P jumped 3 percent, lifting the
index above its 50-day moving average the first time since late
July, though the gains came on thin volume due to the Columbus
Day holiday.
With the S&P near the upper end of its recent range, it is
unclear whether institutional buyers will support the market
further or if it will retreat.
Alcoa's stock closed up 2 percent at $10.30, making
it the best performer in the Dow. The top U.S. aluminum
producer reported higher revenue and earnings in the third
quarter from a year ago, though results were down from the
second quarter of this year.
Global stocks, as measured by MSCI's All-Country World
index , gained 0.4 percent. The index has
rallied recently on improved sentiment, particularly after a
weekend pledge by German and French leaders to come up with a
plan to tackle the debt crisis.
A new twist emerged this week in the Europe's financial
debacle as investors nervously awaited Slovakia to become the
last of 17 EU member states to vote to boost the size and
powers of the European Financial Stability Facility.
A delay in a key vote by Slovakia on expanding the euro
zone rescue fund kept investors cautious.
The vote in Slovakia's parliament may not pass until later
this week, complicating access to funds that could stem the
crisis. That may rattle markets through the week, as it adds an
element of uncertainty to a fragile trading environment.
"It seems like the vote is a little in doubt. Everyone is
on hold waiting on what's happening with the European Union,"
said Ronald Simpson, managing director of global currency
analysis at Action Economics in Tampa, Florida.
The euro initially fell on Tuesday after the latest twist
in Europe's financial debacle, before rebounding.
The FTSEurofirst 300 index of top European shares,
closed down 0.3 percent, after rising 1.7 percent on Monday.
Prices of U.S. Treasuries fell, erasing gains that brought
benchmark yields to historic lows last week, as investors' most
acute anxiety over Europe's debt crisis subsided. The benchmark
10-year U.S. Treasury note was down 23/32 from
Friday, its yield at 2.1567 percent.