Stocks pared gains on Wednesday after S&P downgraded Spain's debt rating, spurring risk aversion a day after Greece's and Portugal's ratings were also cut.

The Dow Jones industrial average <.DJI> gained 14.05 points, or 0.13 percent, to 11,006.04. The Standard & Poor's 500 Index <.SPX> rose 3.53 points, or 0.30 percent, to 1,187.24. The Nasdaq Composite Index <.IXIC> dropped 6.14 points, or 0.25 percent, to 2,465.33.

(Editing by Jeffrey Benkoe)

Portugal S&P