us stocks drop amid strong dollar worries
Last Updated : GMT 15:18:13
Arab Today, arab today
Arab Today, arab today

US stocks drop amid strong dollar worries

Arab Today, arab today

Arab Today, arab today US stocks drop amid strong dollar worries

US stocks
New York - AFP

 US stocks dropped early Tuesday amid worries about the strong dollar, reversing the strong performance of the prior day as the volatility of last week looked set to continue.
About 35 minutes into trade, the Dow Jones Industrial Average was at 17,808.14, down 187.58 points (1.04 percent).
The broad-based S&P 500 fell 19.95 (0.96 percent) to 2,059.48, while the tech-rich Nasdaq Composite Index dropped 54.09 (1.09 percent) to 4,888.35.
Analysts cited concerns about the strong US dollar, expectations for higher US interest rates and uncertainty about the eurozone's debt negotiations with Greece for the market weakness.
Chipmaker Qualcomm gained 0.5 percent following news it launched a new $15 billion share repurchase program and hiked its dividend by 15 percent.
Youth-oriented apparel retailer Urban Outfitters jumped 8.7 percent after reporting that fourth-quarter comparable sales rose six percent. Net income dropped 9.5 percent to $80.3 million.
Calumet Specialty Products Partners, a refiner and oil services company, fell 9.4 percent to $25.21 after announcing it would sell six million shares to raise funds for capital spending and general corporate purposes. The offering was priced at $26.75 per share.
Petroleum pipeline company Enbridge Energy Partners fell 4.1 percent to $36.38 a share on news it will sell eight million shares. The offering was priced at $36.70 per share.
Bond prices rose. The yield on the 10-year US Treasury dropped to 2.12 percent from 2.19 percent, while the 30-year declined to 2.73 percent from 2.80 percent. Bond prices and yields move inversely.

 

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