U.S. markets closed

Dollar gains as orders for durable goods rise

NEW YORK (AP) -- The dollar rose against most other major currencies Wednesday after U.S. durable goods orders rose last month. Traders also bought the dollar on concerns about Europe's debt crisis.

The U.S. government said orders for durable goods rose 2.2 percent in February after a decline in January. That's a sign that the U.S. economy is getting stronger and businesses are still investing.

The euro fell to $1.3324 in late trading from $1.3336 Tuesday.

Worries about Europe's debt crisis have been escalating this week. Spain is expected to release its budget Friday. The country is expected to announce additional spending cuts in order to avoid a bailout.

Traders are worried that if Spain gets into trouble, bigger economies such as Italy could follow. Spain is already heading towards a recession and has an unemployment rate of nearly 23 percent and.

In other trading Wednesday, the British pound fell to $1.5894 from $1.5963. The dollar rose to 0.9047 Swiss franc from 0.9040 Swiss franc and to 99.90 Canadian cents from 99.44 Canadian cents.

The dollar fell to 82.79 Japanese yen from 83.09 yen and to