Many investors remain on the fence, awaiting the outcome of Greece's upcoming elections, so risk capital is sparse, The euro bought $1.2503 and 99.46 yen in early Asian trade, in line with levels in New York late Tuesday. The dollar was trading at 79.55 yen, almost flat from 79.52 yen in New York.
The international ratings agency Fitch downgraded another 18 Spanish banks a day after cutting its ratings on the two biggest banks despite a massive sector bailout.
Spanish borrowing costs briefly roared to a euro-era record high Tuesday on a market beset by doubts over a vast rescue loan for the country's banks and by fears of a Greek exit from the eurozone.
But US stocks bounced back Tuesday, reversing the previous day's losses while shrugging off the specter of more turmoil in Europe.
At the close, the Dow Jones Industrial Average was up 162.57 points (1.31 percent) to 12,573.80.
Investors are now looking to the weekend when Greece holds its second election in less than six weeks amid concern that a victory for anti-austerity groups could lead to Athens making a disorderly exit from the eurozone.
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