Global stocks slip after rally

US and European stocks slipped today as investors paused after a robust recent rally, while the euro fell ahead of a European Central Bank meeting that could reveal concerns about the currency's strength.

The Dow Jones industrial average fell 36.97 points, or 0.26 percent, to 13,942.33. The Standard & Poor's 500 Index lost 5.05 points, or 0.33 percent, to 1,506.24. The Nasdaq Composite Index dipped 13.94 points, or 0.44 percent, to 3,157.64.

Euro zone equities sank to two-month lows today, with investors locking in profits on a half-year rally, spooked by a run of weak corporate earnings and signs of growing political tensions in the euro zone.

The pan-European FTSEurofirst slipped 0.2 percent to 1,152.12 points, its losses tempered by a solid performance from UK blue chips.

In Asia, Japan's Nikkei average surged 3.8 percent to close at its highest since October 2008, after the yen fell sharply on bets the early exit of the central bank governor opens the way for one who pursues aggressive monetary easing.

The benchmark packed on 416.83 points to 11,463.75, producing its biggest one-day gain since March 2011, as the Japanese currency hit a fresh low of 94.08 against the dollar.