Tue, 07 Apr 2020

U.S. stocks dive as dollar takes hit

Lola Evans
22 Feb 2020, 07:09 GMT+10

NEW YORK, New York - U.S. stocks fell sharply on Friday as profit-taking hit the U.S. dollar, finally puncturing what has been a relentless run for the greenback.

A sudden spurt in the spreading of coronavirus in other countries, mainly South Korea, Japan and Iran, sapped confidence that the disease may have peaked. "It's creating a wild card," for companies and others, Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia told Reuters Thomson. "Going into a weekend not so long after the stock market was hitting highs, people are taking some money off the table."

The Nasdaq was the hardest hit in percentage terms, dropping 174.37 points or 1.79% to 9,576.59.

The Dow Jones industrials fell 227.51 points or 0.78% to 28,992.47.

The Standard and Poor's 500 lost 35.50 points or 1.05% to 3,337.73.

On foreign exchange markets the U.S. dollar fell across the board. The euro recovered from a 3-year low in the late 1.0780s to trade at 1.0849.

The British pound rose to 1.2961. The Japanese yen appreciated to 111.57. The Swiss franc firmed to 0.9783.

The Canadian dollar was in demand at 1.3219. The Australian dollar rose a quarter-of-a-cent to 0.6625. The New Zealand dollar jumped to 0.6351.

In the UK, the London FTSE 100 dropped 0.44%.

In Europe, the German Dax slumped 0.62%. The Paris-based CAC 40 shed 0.54%.

On Asian markets, in Japan the Nikkei 225 fell 92.41 points or 0.39% to 23,386.74.

The All Ordinaries in Australian declined 24.80 points or 0.34% to 7,230.40.

The Hang Seng in Hong Kong fell 300.35 points or 1.09% to 27,308.81.

China's Shanghai Composite, going against the trend, advanced 9.51 points or 0.31% to 3,039.67.

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