GLOBAL MARKETS-Global stocks fall, dollar gains on risk fears

* Wall St dragged lower after disappointing Dell results

* Oil falls under $77 barrel on dollar rise, equity slide

* U.S. dollar advances as traders trim risk exposure

* Bonds slip slightly on safe-haven flows (Updates with U.S. markets, changes byline, dateline previously LONDON)

By Herbert Lash

NEW YORK, Nov 20 (Reuters) - Global stocks fell and the dollar rose for a second straight session on Friday as investors cut their exposure to risky assets amid concerns about the economic outlook worldwide.

Investors turned to safe havens ahead of a holiday-shortened week in the United States and in anticipation of an often volatile year-end period.

Oil fell below $77, weighed by the stronger dollar, and falling stock prices raised concern about the economy and the outlook for energy demand. For details: [ID:nSP361511]

Short-dated U.S. Treasury debt prices rallied earlier in the session, before trimming gains, and investors in Europe sold higher-yielding euro zone government bonds as they sought the safety of benchmark German Bunds. [ID:nLK119438]

Equity markets around the world fell as investors took profits as the end of the year approaches.

"It's been a very good year for a lot of people, and it makes sense that players are going to square up positions today ahead of the U.S. holiday and month-end," said Michael Woolfolk, strategist at BNY Mellon in New York.

U.S. markets will be shut next Thursday for the Thanksgiving holiday, while Monday marks a national holiday in Japan.

Worse-than-expected quarterly results from computer maker Dell Inc and homebuilder D.R. Horton helped push U.S. stocks lower in the third straight negative session for Wall Street. [ID:nN20225607]

A decline in technology shares is problematic, and "not a sign of a healthy market," said Quincy Krosby, market strategist at Prudential Financial in Shelton, Connecticut.

"We're not writing the obituary for this market, but it is consolidating, getting far more careful. It is prudent to take some money and some risk off the table," Krosby said.

At 1 p.m., the Dow Jones industrial average <.DJI> was down 48.51 points, or 0.47 percent, at 10,283.93. The Standard & Poor's 500 Index <.SPX> was down 7.19 points, or 0.66 percent, at 1,087.71. The Nasdaq Composite Index <.IXIC> was down 18.45 points, or 0.86 percent, at 2,138.37.

An absence of fresh economic news made many markets choppy. Investors reacted to a wave of speculation about the risk of a default on Ukraine's sovereign and sovereign-guaranteed debt, despite no new development to trigger the sudden fright. [ID:nLK250699]

European equities slipped for a fourth session to a two-week closing low as financials lost ground on concerns over some banks' exposure to Ukrainian debt, while weaker crude oil prices hurt energy shares. [ID:nLK697213]

The FTSEurofirst 300 <.FTEU3> index of top European shares ended down 0.8 percent at 1,002.95 points.

Gold slipped in Europe as the dollar firmed, dampening momentum that has lifted prices more than 9 percent this month after reports of central bank purchases of gold, including 200 tonnes by India. [ID:nLK597783]

Spot gold prices fell 60 cents to $1143.10 after earlier in the week touching a record $1,152.75 an ounce.

The dollar was up against a basket of major currencies, with the U.S. Dollar Index <.DXY> up 0.53 percent at 75.692.

The euro was down 0.49 percent at $1.4845. Against the yen, the dollar was down 0.07 percent at 88.97.

The dollar is down some 14 percent since mid-March as signs of a global recovery prompted investors to favor higher-yield currencies and assets. Expectations for record low U.S. interest rates well into 2010 have also hurt the greenback.

Commodity prices also fell as investors have scoured economic data for signs of a recovery that would boost global energy demand.

"Oil is clearly still tied to broader financial markets and seeing losses due to a stronger dollar and a drop in stock prices," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

U.S. light sweet crude oil fell 69 cents, or 0.89 percent, to $76.77 per barrel, and spot gold prices fell 60 cents, or 0.05 percent, to $1143.10.

The 2-year U.S. Treasury note was down 1/32 in price to yield 0.71 percent. The benchmark 10-year U.S. Treasury note was down 2/32 in price to yield 3.35 percent.

The MSCI index of Asia Pacific stocks traded outside Japan <.MIAPJ0000PUS> fell 0.7 percent, and Japan's Nikkei index <.N225> slid 0.5 percent. (Reporting by Rodrigo Campos, Steven C. Johnson, Edward McAllister and Emily Flitter in New York; Ian Chua, Jan Harvey and Atul Prakash in London; writing by Herbert Lash; Editing by Leslie Adler)