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* Dollar strengthens, hits gold and copper prices * European shares fall after gains on central bank pledges * U.S. stocks tick up but MSCI global gauge dips By Rodrigo Campos NEW YORK, July 5 (Reuters) - The dollar rose broadly on Friday and Treasury debt yields jumped, while Wall Street pared initial gains in volatile trading and a gauge of world stocks fell after strong job market data showed the world's largest economy on a solid footing. U.S. jobs growth was better than expected in June and the employment count for the prior two months was revised higher. The data likely keeps the Federal Reserve on track to scale back its massive monetary stimulus, known as quantitative easing, later this year. The number "should by rights send Wall Street's bulls rampaging, but the market's addiction to QE may yet hold them back," said Alister Gaines, director of CDC Wealth Management in Edinburgh. "The odds of the Fed starting to taper QE in September as planned have just shortened - and the markets know it." The Dow Jones industrial average rose 4.84 points or 0.03 percent, to 14,993.39, the S&P 500 gained 1.86 points or 0.12 percent, to 1,617.27 and the Nasdaq Composite added 3.8 points or 0.11 percent, to 3,447.47. Equity futures initially got support from comments from central banks in Britain and the euro zone on Thursday signalling that, unlike the United States, they are in no hurry to unwind stimulus. However, the strong data out of the United States reversed bets on the increased stimulus out of Europe and European shares, which had their best day in 11 months on Thursday, fell broadly. The FTSEurofirst 300 index was down 0.8 percent after it gained 2.4 percent on Thursday. MSCI's global share index was down 0.2 percent. TREASURY YIELDS SPIKE, GREENBACK JUMPS The strong data increased expectations of a Fed move to adjust the pace of bond purchases that has helped support the economy, sending benchmark U.S. 10-year Treasury yields to a high of 2.719 percent, the highest in almost two years. "A bit of a universally strong report, which has been accompanied by a solid selloff in the Treasuries market," said Ian Lyngen, senior government bond strategist at CRT Capital Group in Stamford, Connecticut. "This certainly increases the probability that the Fed tapers at the September meeting rather than later in the year." The strong jobs data also made clear that Federal Reserve policy may soon start to vary from other large central banks, favoring the U.S. currency. The U.S. dollar hit a five-week high versus the yen and a six-week peak against the euro. The dollar index hit its highest in three years. "The data is strong enough that it validates the ECB's (European Central Bank) and BOE's (Bank of England) attempts to try to distinguish their policy actions from those in the U.S.," said Alan Ruskin, head of G10 FX strategy at Deutsche Bank in New York. The euro was down 0.6 percent against the dollar at $1.2283 after hitting $1.2805, its lowest since May 20. Against the yen, the dollar touched a peak of 101.13 yen, its highest since May 31. It was last at 100.83, up 0.8 percent. The firmer dollar weighed on some dollar-priced commodities and spot gold tumbled 3 percent to $1,211.4 an ounce. Copper was down 2.9 percent at $6,750 a ton. Brent crude, however, rose over $106 a barrel after Egypt's army said it was on high alert after an attack in Sinai, though ports and shipping through the Suez Canal have been operating normally. WTI crude prices rose 0.4 percent to $101.65 per barrel.