Dow Tumbles 300 Points on Strong Dollar Worries

 / Updated 

Down day on the Street

March 10, 201504:33

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A confluence of worries -- including a rising dollar and weakness in oil -- slammed stocks on Tuesday. The Dow Jones Industrial Average closed down more than 300 points.

There's "concern that energy and the strength in the dollar will somehow be negative for the equities," said Art Hogan, chief market strategist at Wunderlich Securities.

The U.S. dollar advanced nearly 1 percent to 12-year highs as the euro fell below $1.08 for the first time in 8 years on the beginning of quantitative easing in the euro zone. The stronger dollars raised concerns about corporate profits because it makes U.S. exports relatively more expensive and foreign imports relatively cheaper. Oil declined, with Brent struggling to hold above $57 a barrel and crude just above $49 a barrel. The decline comes after Goldman Sachs said in a note Monday that it expected U.S. crude to drop as far as $40 a barrel in the near-term.

Down day on the Street

March 10, 201504:33

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