Stocks slide as rising dollar hits oil prices – The Associated Press- Stock Trading News
NEW YORK — Stocks gave up early gains Monday as a rising dollar stalled a rally in commodities. Oil and other commodities had risen in early trading, pushing up shares of energy and materials companies, but by midmorning those gains were gone as the dollar turned higher against other currencies. Changes in the dollar frequently push commodity prices up or down, since a higher dollar makes oil and other basic materials, which are priced in dollars, more expensive to non-U. The Dow Jones industrial average swung in a 200-point range, surrendering an early advance for a loss of as much as 100 points. Richard Ross, global technical strategist at Auerbach Grayson in New York, said the direction of the dollar as well as volatility continues to drive trading. Britain’s FTSE 100 fell 1 percent, Germany’s DAX index and France’s CAC-40 each fell 1. read more
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