Stocks wobble as global rally ends

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Stocks wobble as global rally ends

NEW YORK, New York -- U.S. stocks wobbled on Wednesday as several days of rallies drew to an end.

The Nasdaq Composite fell 177 points or 1.21 percent in late afternoon trading Wednesday.

The Standard and Poor's 500 fell 29 points or 0.63 percent.

For this rally to continue, we need to see real positive events, according to Tom Essaye, of the Sevens Report, who said in a note to clients Wednesday, above 4,600 in the S&P 500 markets have traded through most fundamental bounds of valuation.

The U.S. dollar was under pressure Wednesday as profit-takers continued to dominate. The euro was well bid at 1.1158 heading for New York on Wednesday. The British pound went up to 1.3137. The Japanese yen was bought back, pushing the rate to 121.81. The Swiss franc was at 0.9230.

The Canadian dollar was up to 1.2473 in late trading Wednesday. The Australian dollar rose to 0.7514. European indices corrected as well on overseas equity markets. The Dax in Germany lost 1.45 percent, while the Paris-based CAC 40 fell 0.74 percent. The FTSE 100 in London went against the trend to add 0.55 percent.

The All Ordinaries in Australia gained 52.90 points or 0.68 percent to 7,799. South Korea's Kospi Composite gained just 3.52 points or 0.13 percent to 2,744. China's Shanghai Composite rose by 60.26 points or 1.88 percent to 3,264, up 60.26 points or 1.88 percent. The Hang Seng in Hong Kong gained 304.40 points or 1, 39 percent, to 22,2303.