After stocks mostly cut down in the United States following a demote by the Federal Reserve in its evaluation of economic recovery, the share market of New Zealand edged up in early trade.

The standard NZX-50 index was up 3.08 points to 3057.37 at 10:15 am and yesterday it gained less than 0.1 points.

Shares of Sky City climbed 3c early to 295, Auckland Airport picked up 2c to 194 and Mainfreight was up 3c to 614, whereas Ebos Group lost 3c to 627, and seafood Corporation Sanford declined 2c to a 26-month low at 404.

Telecom was unaffected early on 195, after a 5c increase yesterday, which was credited to bargain hunting and also there is current news that Telstra would contribute in Australia's broadband policy.

The US investors grappling over the inferences of the Fed's resolution to renew its promise to hold standard interest rates exceptionally low.

"The Fed doesn't have a great outlook, but that wasn't totally unexpected with the housing and labor market data we've seen lately", said Dan Cook, senior market analyst at IG Markets in Chicago.

The Dow Jones industrial standard edged up 0.05% to close at 10,298.44, though the Standard & Poor's 500 Index dipped 0.3% to shut at 1092.04, and the Nasdaq Composite Index dropped 0.3% to finish at 2254.23.