Wall St pauses after biggest one-day streak

Stocks on Wall Street have taken a breather after making their biggest one-day gain this year in the previous session.

Financial stocks were the weakest sector after the US Federal Reserve said most of the biggest banks passed the latest round of "stress tests."

The Dow Jones Industrial Average was up 16.42 points, or 0.1%, to 13,194.10 at the close (9am NZ time). The S&P 500 index slipped 1.67 points to 1394.28, while the Nasdaq Composite added less than a point to 3040.73.

Leading the advance were technology stocks. Apple jumped for a sixth straight day to bring its 2012 advance to 46%.

The Fed's stress tests found at least four of 19 banks – Citigroup, MetLife, SunTrust Banks and Ally Financial – would have to resubmit capital plans.

Bank of America, however, rose 4.1%, leading the Dow components and bringing its gains this year to nearly 60%. American Express was also strong, rising 3.5%.

Other markets: Europe up, Asia mixed
Financial shares led European markets higher. The Stoxx Europe 600 index rose 0.3% to 270.27, its highest close since July 25.

The benchmark has surged nearly 11% so far this year.

Germany's DAX index gained 1.2% to 7079.42 and France's CAC-40 index advanced 0.4% to 3564.51, while the U.K.'s FTSE 100 index eased 0.2% to 5945.43.

Asian stock markets ended mostly higher.

Chinese stocks fell sharply after Premier Wen Jiabao poured cold water on expectations Beijing might loosen policy toward the property sector.

Australia's S&P/ASX 200 index rose 0.9%, Korea's Kospi gained 1%, while Taiwan's Taiex added 1.2% and Japan's Nikkei Stock Average rallied 1.5%.

China's Shanghai Composite finished 2.6% lower though, well off the day's high at 2476.22, on a wave of selling in the afternoon.

The Bombay Stock Exchange's Sensitive Index rose 0.6% to end at 17,919.30, its highest level since February 24.

Commodities: Oil, gold down
Crude-oil futures traded lower as a stronger US dollar countered a report showing a smaller-than-expected increase in crude supplies and steep declines in the stockpiles of gasoline and other products.

Crude oil for April delivery eased 21USc, or 0.2%, to $US106.49 a barrel in New York.

Gold futures tumbled as investors continued to bail out, sending prices to eight-week lows.

The April-delivery contract fell $US51.30, or 3%, to settle at $US1,642.90 an ounce in New York.

The contract for March delivery was down $US51.20, or 3%, at $US1,642.50 an ounce.

Currencies: US dollar advances
The US dollar rose to a new 11-month high against the Japanese yen and posted modest gains versus other currencies.

The dollar bought ¥83.67 compared with ¥82.95 late on Tuesday. It hasn't closed above ¥83 since last April.

The euro traded at $US1.3027 compared with $US1.3083 and was at ¥109 from ¥108.53.

The UK pound changed hands at $US1.5674 compared with $US1.5703, while the dollar bought 0.9299 Swiss franc from 0.9232 franc.