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* Wall Street keeps gains after release of Fed meetingminutes
* Yields slip after Fed minutes
* Oil prices rise on expected drop in U.S. inventories
* Dollar edges down from 14-year high (Updates to U.S. market close)
By Saqib Iqbal Ahmed
NEW YORK, Jan 4 (Reuters) - Stock indexes around the worldgained on Wednesday, bolstered by upbeat global economic dataand minutes from the Federal Reserve's December meeting, whichshowed policymakers thought the U.S. economy could grow morequickly because of fiscal stimulus under the incoming Trumpadministration.
The dollar retreated from a 14-year high against a basket ofcurrencies, briefly hitting a session low, while U.S. Treasurydebt yields were flat to slightly lower in choppy trading afterthe release of the minutes.
The minutes showed how broadly views within the Fed areshifting in response to U.S. President-elect Donald Trump'spromises of tax cuts, infrastructure spending and deregulation.
MSCI's world index, which tracks shares in46 countries, rose 0.89 percent to a three-week high and waslast up 0.85 percent.
The index found support from a batch of rosy economicreports from Europe, and got a boost from a second day ofstrength in U.S. stocks.
"Clearly, some of the members on the (Fed policy) committeeare taking a look at proposed fiscal changes, whether that's taxcuts or infrastructure spending," said Chris Zaccarelli, ChiefInvestment Officer for Cornerstone Financial Partners.
U.S. stocks have surged over the past two months onexpectations that Trump will stimulate the economy with tax cutsand infrastructure spending, and eliminate regulations in thefinancial industry.
"It's confirmation of what people were already expecting,"Zaccarelli said.
The Dow Jones Industrial Average rose 60.4 points, or0.3 percent, to close at 19,942.16, the S&P 500 gained12.92 points, or 0.57 percent, to end at 2,270.75 and the NasdaqComposite added 47.92 points, or 0.88 percent, to finishat 5,477.01.
European shares edged down from a one-year high withretailers in focus after Next cut its profit guidanceand cautioned on future trade. Europe's broad FTSEurofirst 300index closed little changed at 1,443.80.
The dollar fell against the euro and yen onWednesday, backing off a 14-year high against a basket ofcurrencies, with investors cautious about increasing bets on thegreenback without fresh clues on the U.S. economy and the timingof interest rate increases.
The Fed minutes which warned of growing inflationary risksfrom Trump's proposed fiscal stimulus measures undercut thedollar and pushed the euro to $1.0499, its highest level of theday. But the euro retraced those gains a bit as investorsunpacked the minutes.
"It's really a mixed bag I read from the minutes because onthe one hand the Fed sounded optimistic for the economy, but onthe other hand the minutes took a swipe at the dollar'sstrength," said Joe Manimbo, senior market analyst at WesternUnion Business Solutions in Washington.
The dollar index - which measures the greenbackagainst a basket of six major rivals - was down 0.64 percent to102.55, having hit a peak of 103.82 on Tuesday.
Meanwhile, oil prices rose on expectations that U.S. crudeinventories are falling and signs that oil producers will stickto agreed output cuts that took effect this week.
Brent crude settled up 99 cents, or 1.78 percent, at$56.46 a barrel, and U.S. crude settled up 93 cents, or1.78 percent, at $53.26.
U.S. Treasury debt yields were flat to slightly lower inchoppy trading as the Fed minutes struck a more uncertain tonethan the bond market expected, especially with respect to thenew administration's fiscal policies.
Yields on U.S. 10-year notes and 30-year bonds hit sessionlows following the release of the minutes.
The benchmark U.S. 10-year note was down 6/32 inprice to yield 2.434 percent, compared with 2.454 percent lateon Tuesday.
Gold touched a near-four week high helped by the retreatingdollar and increased demand from major consumers China andIndia. Spot gold prices were up 0.47 percent at$1,164.28. (Reporting by Saqib Iqbal Ahmed; Additional reporting byGertrude Chavez-Dreyfuss and Dion Rabouin in New York and NoelRandewich in San Francisco; Editing by Nick Zieminski and JamesDalgleish)
