NEW YORK — The stock market edged higher Wednesday in slow trading but a slight pullback in the dollar erased bigger gains made early in the session, with most of the buying interest concentrated on blue chip issues.
"We're seeing very selective buying," said Charles Jensen, analyst with MKI Securities.
The Dow Jones average of 30 industrials increased 6.63 to 1,848.97, after rising about 9 points Tuesday.
But in the broader market, about the same number of stocks fell and rose in value on the New York Stock Exchange, with 756 issues down, 745 up and 456 unchanged.
The Wilshire index of 5,000 equities closed at 2,280.852, up 9.291 from Tuesday.
Volume on the Big Board totaled 148.89 million shares, slightly lower than Tuesday's 149.87.
The market got off to a shaky start, with the Dow industrial average falling about 11 points shortly after the opening bell in reaction to the dollar's initial weakness in foreign exchange.
As the dollar improved overseas, stock prices also recovered, although most of the gains were in blue chips. The dollar later fell back in U.S. trading.