Good news? The dollar has gotten stronger. Bad news? Stocks have made an unfortunate tumble.
Noticeable was the 1% loss of the Dow Jones industrial average at the end of the day. Even the S&P 500 index fell by 1.2% and the Nasdaq composite by 0.7%
According to news, regional bank downgrades that hit the financial sector was one of the factors. Bank of America, Citigroup, regional banks such as Fifth Third Bancorp and Sun Trust were affected.
It also didn’t help that the dollar was able to return higher with the help of an unexpectedly stronger bond auction. This pressured dollar-traded commodities and big multi-national companies.
Source: CNN Money
