US STOCKS-Wall Street closes lower as rally ends

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US STOCKS-Wall Street closes lower as rally ends

NEW YORK, New York - U.S. stock prices went down on Wednesday as several days of rallies drew to an end.

The Nasdaq Composite dropped 111.17 points or 0.76 percent to close Wednesday at 14,508. The Dow Jones industrials fell by 60.68 points or 0.17 percent to 35,233. The Standard and Poor's 500 fell 24.29 points or 0.52 percent to 4,607. Markets have traded through most fundamental bounds of valuation, and for this rally to continue, we need to see real positive events," Tom Essaye, of the Sevens Report, said in a note to clients Wednesday.

The U.S. dollar was under pressure Wednesday as profit-takers continued to dominate. The euro was well bid at 1.1162 well into the New York close Wednesday. The British pound was strengthened to 1.3161. The Japanese yen was bought back, pushing the rate to 121.92. The Swiss franc fell to 0.9238.

The Canadian dollar increased to 1.2476. The Australian dollar rallied to 0.7514. European indices corrected as well on overseas equity markets. In Germany, the Dax lost 1.57 percent, while the Paris-based CAC 40 fell 0.99 percent. The FTSE 100 in London went against the trend to add 0.24 percent.

In Australia, the All Ordinaries 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 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.