Global equities fall despite positive U.S. economic data, dollar rises

The Dow Jones Industrial Average .DJI fell 0.54% to 32,813.23, the S&P 500 .SPX lost 0.75% to 4,101.23 and the Nasdaq Composite .IXIC dropped 0.72% to 11,994.46.

NEW YORK: Global equities fell and the U.S. dollar advanced on Wednesday after stronger-than-expected economic data was unable to assuage investor concerns of high inflation and an impending recession driven partly by rising oil prices.

A report by the Institute for Supply Management (ISM) showed U.S. manufacturing activity picked up in May as demand for goods remained strong even with rising prices.