Fri, 29 May 2020

<p>NEW YORK, New York - Equities took a back seat on U.S. markets on Wednesday as the dollar moved to center-stage.</p><p>The greenback zoomed higher across the board, sending all currencies reeling.</p><p>The euro was knocked down to 1.1156 by the New York close on Wednesday, while sterling fell sharply to 1.2903.</p><p>The Japanese yen weakened to 112.06 while the Swiss franc dipped to 1.0205.</p><p>The Canadian dollar tumbled to 1.3492. The Australian and New Zealand dollars were sharply lower at 0.7012 and 0.6594 respectively.</p><p>Energy stocks fell in line with oil prices, dragging all indices into the red.</p><p>At the close of trading on Wednesday the Dow Jones Industrial Average was 59.34 points or 0.22% lower at 26,597.05.</p><p>The Standard and Poor&#39;s 500 fell 6.43 points or 0.22% to 2,927.25.</p><p>The Nasdaq Composite slid 18.81 points or 0.23% to 8,102.02.</p><p>&quot;The overall picture confirms the economy is on a steady footing. It&rsquo;s skewing to the positive side,&quot; Laura Kane, head of Americas thematic investing at UBS Global Wealth Management, was quoted as saying by the Reuters Thomson news agency on Wednesday.</p><p>&quot;The market is taking a pause,&quot; she said. &quot;We&rsquo;ve a lot of earnings coming this week and next. There&rsquo;s nothing today that would change the overall economic outlook.&quot;</p>

Sign up for Detroit News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!