NEW YORK, New York - U.S. stocks moved higher on Wednesday, in line with a global trend.

"The Nasdaq went down and bounced off of the moving 200-day moving average on Monday, and that's kind of been where this rally sort of began," Randy Frederick managing director of trading and derivatives at the Schwab Center for Financial Research told CNBC Wednesday.

The biggest movements however on Wednesday were in the foreign exchange markets where the U.S. dollar crumbled.

The Dow Jones industrials rose 38.30 points or 0.11 percent, to close Wednesday at 36,290.32.

The Nasdaq Composite climbed 34.94 points or 0.23 percent to 15,188.39.

The Standard and Poor's 500 added 13.28 points or 0.28 percent to 4,726.30.

A fall in U.S. Treasury yields prompted by less hawkish comments to Congress from Federal Reserve Chairman Jermone Panel sent the dollar diving on Wednesday.

The euro jumped a full cent to end the day in New York around 1.1440. The British pound jumped to 1.3702. The Japanese yen appreciated to 114.63. The Swiss franc was sharply higher at 0.9142.

The Canadian dollar was in demand at 1.2504. The Australian dollar rallied to 0.7284. The New Zealand dollar cruised higher to 0.6847.

On overseas equity markets, the CASC 40 in Paris, France added 0.75 percent. In London, the FTSE 100 rose 0.81 percent. The Dax index in Germany strengthened by 0.43 percent.

The Hang Seng index in Hong Kong rallied 633.23 points or 2.67 percent to 24,372.33.

The Nikkei 225 in Japan jumped 543.16 points or 1.92 percent, to close Wednesday at 28,765.66.

The Australian All Ordinaries climbed 51.50 points or 0.67 percent to 7,762.20.

China's Shanghai Composite gained 29.99 points or 0.84 percent to 3,597.43..