Wall Street makes modest gains, Dow Jones adds sixty points

NEW YORK, New York – U.S. stocks ended in positive territory on Wednesday, although gains were moderate.

“The market is biding its time to get more information on the most important things, which are inflation and the Fed’s rate path,” Tom Martin, senior portfolio manager at GLOBALT Investments in Atlanta, told Reuters Wednesday.

The Nasdaq Composite fell 50.23 points or 0.41 percent to 12,431.53.

The Dow Jones industries lost 59.64 points or 0.18 percent to 32,969.23.

The Standard and Poor’s 500 dipped 12.04 points or 0.29 percent to 4,140.47.

The U.S. dollar marked time Wednesday. The euro continued to hover just under parity, last trading at 0.9973 around the New York close. The British pound slipped to 1.1798. The Japanese yen weakened to 137.08. The Swiss franc drifted down to 0.9663.

The Canadian dollar was unchanged at 1.2961. The Australian dollar was well bid at 0.6911. The New Zealand dollar edged down to 0.6189.

On overseas equity markets, the CAC 40 in Paris, France, gained 0.39 percent. The German Dax added 0.20 percent. London’s FTSE 100 declined 1.60 percent.

The bigger loser on Wednesday in Asia was China’s Shanghai Composite which retreated 61.02 points or 1.86 percent to 3,215.20.

The Australian All Ordinaries gained 43.10 points or 0.60 percent to 7,242.30.

In Japan, the Nikkei 225 shed 139.28 points or 0.49 percent to 28,313.47.

New Zealand’s S&P/NZX 50 added 12.12 points or 0.10 percent to 11,655.33.

In South Korea, the Kospi Composite edged up 12.11 points or 0.50 percent to 2,447.45.

The Hang Seng in Hong Kong lost 234.51 points or 1.20 percent to close Wednesday at 19,218.74.

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