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* U.S. jobs data misses expectations, 148,000 vs 180,000 estimate * Dollar slides to two-year low vs euro, rebounds against yen * Stocks climb on expectations Fed's bond buying good into 2014 * Oil rises on news of U.S.-Saudi rift over Mideast By Herbert Lash NEW YORK, Oct 22 (Reuters) - The dollar slid to a two-year low against the euro and a measure of global equity markets rose for a fifth session in a row on Tuesday after weak U.S. jobs data reinforced expectations the Federal Reserve will keep its easy-money policy intact into 2014. Nonfarm payrolls increased 148,000 in September, the Labor Department said in a report delayed by the 16-day shutdown of the federal government. The total was far lower than economists' estimates of 180,000 new jobs. Even though the job count for August was revised to show more positions created than previously reported, employment gains in July were the weakest since June 2012. Economists and market analysts said the tepid pace of U.S. jobs growth supported the Federal Open Market Committee's decision in September not to begin paring back its monthly purchases of $85 billion a month to bolster the economy. "Today's underperforming jobs number fully justifies September's cautious FOMC," said Joseph Trevisani, chief market strategist at WorldWideMarkets in Woodcliff Lake, New Jersey. "Dollar bulls will be discomfited but equities will find the economic logic invigorating," he said. Stocks opened higher on Wall Street, following gains in Europe and elsewhere in the Americas after the jobs report. The euro jumped and the dollar index slipped, while government debt prices rose on both sides of the Atlantic, pushing yields lower. MSCI's all-country stock index, which tracks stocks in 45 countries, rose 0.76 percent to levels last seen in January 2008. The FTSEurofirst 300 of leading European shares rose 0.71 percent to 1,290.24. The Dow Jones industrial average was up 74.95 points, or 0.49 percent, at 15,467.15. The Standard & Poor's 500 Index was up 9.45 points, or 0.54 percent, at 1,754.11. The Nasdaq Composite Index was up 5.16 points, or 0.13 percent, at 3,925.21. In early New York trading, the euro hit a high of $1.3748 against the dollar, its strongest level since Nov. 14, 2011. It was last at $1.3765, up 0.61 percent. Against the yen, the dollar fell as low as 97.86 but later rebounded, up 0.19 percent at 98.37 yen. The dollar index, a basked of six major trading currencies, was down 0.55 percent. U.S. Treasuries yields fell to the lowest in three months on the jobs data. "This really does push us into a January, February mode (for Fed tapering) and if there is a shutdown, possibly even further," said Aaron Kohli, an interest rate strategist at BNP Paribas in New York, referring to another U.S. political standoff in early 2014. Benchmark 10-year notes were last up 24/32 in price to yield 2.5215 percent, the lowest since July 24. In Europe, yields on German 10-year government debt fell below 1.80 percent. "This report definitely gives the Fed pause. It keeps QE alive and bonds will like it and so might stocks. This is positive for all asset prices," said Craig Dismuke, chief economic strategist with Vining Sparks in Tennessee. Brent crude oil rose above $110 per barrel, pulling its premium above U.S. light crude to the widest in six months, after news of a deterioration in relations between the United States and key OPEC oil producer Saudi Arabia. Brent for December rose 74 cents a barrel to $110.38. U.S. crude futures slipped 12 cents to $99.10 a barrel.