NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time high, while the Dow Jones edged lower.
"Through the trees it's clear that lower growth because of higher U.S. debt and demographics and higher inflation is going to be the outcome," Rational Dynamic Brands Fund portfolio manager Eric Clark told CNBC Wednesday. "So the market will start looking at that and more closely scrutinizing multiples...there's definitely some kind of reckoning to come."
Here are Wednesday'se closing quotes for key U.S. indices:
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Standard and Poor's 500: Rose 0.47 percent to close at 6,227.42, a new high, gaining 29.41 points as communication services and tech sectors outperformed.
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Dow Jones Industrial Average: Slipped marginally by 0.02 percent, dipping 10.52 points to 44,484.42 amid weakness in healthcare stocks.
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NASDAQ Composite: Jumped 0.94 percent or 190.24 points to 20,393.13, marking its best day in two weeks as megacap tech stocks rallied.
Key Market Drivers
Technology stocks spearheaded Wednesday's advance after positive earnings guidance from several semiconductor firms. The Nasdaq's strong performance contrasted with the Dow's stagnation as investors weighed mixed economic data ahead of Friday's key jobs report.
"The market is showing selective risk appetite," said chief strategist Linda Parker. "While tech continues to attract buyers, there's clear hesitation in cyclicals until we get clearer signals on economic growth."
Trading volumes were robust, with the NYSE seeing 3.1 billion shares traded and the Nasdaq processing 7.4 billion shares.
Global Forex Markets Wrap: Dollar Mixed as Euro, Pound Slide on Wednesday
The U.S. dollar showed mixed performance in Wednesday's trading session, gaining against European currencies while weakening slightly against commodity-linked currencies. The British pound dived as bond prices fell, sending yields significantly higher. Prime Minister Keir Starmer unsettled markets by failing to fully support Finance Minister Rachel Reeves iaftera government U-turnover welfare reform.
Here are the key movements in major currency pairs:
Major Currency Pairs
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EUR/USD: The euro dipped 0.04 percent to $1.1801 as ECB policy uncertainty weighed on sentiment.
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USD/JPY: The dollar gained 0.14 percent to ¥143.59, continuing its upward trend amid widening U.S.-Japan yield differentials.
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GBP/USD: Sterling tumbled 0.80 percent to $1.3632, marking its worst daily performance in three weeks following political turmoil.
Commodity Currencies
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USD/CAD: The greenback fell 0.39 percent to C$1.3591 as oil price recovery supported the loonie.
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AUD/USD: The Aussie dollar edged up 0.09 percent to $0.6587 despite weaker-than-expected retail sales data.
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NZD/USD: The kiwi dollar slipped 0.12 percent to $0.6090 as risk appetite waned in Asian trading.
Safe Havens
Market Drivers
Forex traders digested mixed signals from central banks, with the Federal Reserve's hawkish stance continuing to support the dollar index. The pound's sharp decline dominated European trading, while commodity currencies showed resilience despite broader risk-off sentiment.
"The dollar's strength remains selective," said currency strategist Mark Chandler. "While it's gaining against funding currencies like the euro and yen, it's struggling against commodity exporters when risk sentiment improves even slightly."
Forex markets now await Thursday's U.S. PCE inflation data for fresh clues on Fed policy direction.
Global Markets Wrap: Mixed Performance Across Major Indices on Wednesday
Global stock markets showed a mixed performance on Wednesday, with gains in Europe and Asia offset by declines in some key markets. Here's a detailed look at Wednesday's closing figures:
Canada
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S&P/TSX Composite: Inched up 0.05 percent, adding 12.55 points to close at 26,869.66, with materials and financials offsetting energy sector declines.
UK and Europe
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FTSE 100 (UK): The index dipped slightly, closing at 8,774.69, down 10.64 points or 0.12 percent.
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DAX (Germany): The German benchmark rose 0.49 percent, gaining 116.82 points to 23,790.11.
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CAC 40 (France): France's leading index climbed 0.99 percent, adding 75.83 points to 7,738.42.
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EURO STOXX 50: The pan-European index advanced 0.69 percent, closing at 5,318.72, up 36.29 points.
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BEL 20 (Belgium): The Belgian index edged down 0.09 percent, settling at 4,492.80.
Asia and Pacific
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SSE Composite (Shanghai): China's Shanghai index dipped slightly, down 0.09 percent to 3,454.79.
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Hang Seng (Hong Kong): The index rose 0.62 percent, gaining 149.13 points to 24,221.41.
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STI (Singapore): Singapore's Straits Times Index added 0.53 percent, closing at 4,010.77.
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S&P/ASX 200 (Australia): The Australian benchmark climbed 0.66 percent, up 56.60 points to 8,597.70.
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All Ordinaries (Australia): The broader index gained 0.65 percent, finishing at 8,828.70.
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Nikkei 225 (Japan): Japan's key index fell 0.56 percent, dropping 223.85 points to 39,762.48.
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S&P BSE SENSEX (India): India's Sensex declined 0.34 percent, losing 287.60 points to 83,409.69.
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IDX Composite (Indonesia): The index slipped 0.49 percent, closing at 6,881.25.
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KOSPI (South Korea): South Korea's benchmark fell 0.47 percent, ending at 3,075.06.
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TWSE (Taiwan): Taiwan's index inched up 0.11 percent, closing at 22,577.74.
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KLSE (Malaysia): Malaysia's index gained 0.56 percent, rising 8.68 points to 1,550.21.
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S&P/NZX 50 (New Zealand): New Zealand's benchmark rose 0.39 percent, adding 49.76 points to 12,784.29.
Middle East & Africa
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TA-125 (Israel): The Israeli index surged 1.77 percent, reaching 3,078.71.
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EGX 30 (Egypt): Egypt's index rose 0.35 percent, closing at 32,820.50.
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Top 40 USD Net TRI (South Africa): The index declined 0.34 percent, ending at 5,420.92.
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