Thu, 09 Dec 2021

NEW YORK, New York - Technology stocks forged ahead on Wednesday, despite plummeting Treasury yields, which caused a sell-off in the dollar.

Investors remained cautious however as a Labor Department report revealed an unexpected surge in consumer prices last month. Industrial stocks were flat or modestly higher.

At the close on Wednesday, the Nasdaq Composite was ahead 105.71 points or 0.73 percent at 14,571.63.

The Standard and Poor's 500 edged up 13.15 points or 0.30 percent to 4,363.80.

The Dow Jones dipped just 0.43 of a single point to 14,571.63.

"If the recent pace of elevated inflation continues, that could push the Fed to start removing accommodation sooner rather than later, which could hurt stocks and other risk assets," Nancy Davis, founder of Quadratic Capital Management in Greenwich, Connecticut told Reuters Wednesday.

The euro strengthened to 1.1591 approaching the New York close on Wednesday. The British pound firmed to 1.3656. The Japanese yen rose to 113.30. The Swiss franc was stronger at 0.9239.

The Canadian dollar edged up to 1.2441. The Australian dollar continued its rally to 0.7376. The New Zealand dollar added more than a quarter of a cent to 0.6961.

On overseas equity markets, the FTSE 100 in London rose 0.16 percent. The Paris-based CAC 40 added 0.75 percent. In Germany, the Dax climbed 0.68 percent.

On Asian markets, In Japan, the Nikkei 225 shed 90.32 points or 0.32 percent to 28,140.28.

The Australian All Ordinaries dipped 3.70 points or 0.05 percent to 7,571.90.

China's Shanghai Composite finished 14.83 points or 0.42 percent ahead at 3,561.76.

Hong Kong's markets were closed because of a typhoon.

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