Nasdaq sinks, Dow Jones flattens out, U.S. dollar tumbles

NEW YORK, New York – Stocks were mixed on Wednesday as the industrial sector held steady while technology shares got pounded.

“I wouldn’t want to take the optimism too far. We think it’s still too soon for the Fed to make a significant pivot, and the stronger markets are, the more likely it is that the Fed wants to be more cautious about wanting to make a pivot,” Andrew Sheets, chief cross-asset strategist at Morgan Stanley told Reuters Wednesday.

The Nasdaq Composite dropped 228.12 points or 2.04 percent to 10,870.99.

The Down Jones was flat, inching up 2.37 points or 0.01 percent to 31,839.11.

The Standard and Poor’s 500 eased 28.52 points or 0.74 percent to 3,890.59.

The main action Wednesday was on FX markets, where the U.S. dollar was humbled. The euro rose above parity to last trade around the New York close at 1.008. The British pound soared to 1.1625. The Japanese yen strengthened to 146.36. The Swiss franc jumped to 0.9865.

The Canadian dollar was in demand at 1.2558. The Australian dollar shrugged off the revelation its annual inflation rate had climbed to 7.3 percent by surging to 0.6489. The New Zealand dollar increased sharply to 0.5830.

Overseas, the FTSE 100 in London gained 0.61 percent. The German Dax rose 1.09 percent. The Paris-based CAC 40 added 0.41 percent.

The Australian All Ordinaries edged up by 11.40 points or 0.16 percent to 7,005.10.

Elsewhere stocks were relatively buoyant.

In New Zealand, the S&P/NZX 50 surged 144.19 points or 1.32 percent to 11,046.50.

Japan’s Nikkei 225 gained 181.56 points or 0.67 percent to 27,431.84.

In South Korea, the Kospi Composite increased 15.99 points or 0.72 percent to 2,251.06.

China’s Shanghai Composite advanced 23.22 points or 0.78 percent to 2,999.50.

In Hong Kong, the Hang Seng added 152.08 points or 1.00 percent to 15,317.67.

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