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Sunday, March 15, 2015, Chaitra 1, 1421 BS, Jamadi ul Awwal 23, 1436 Hijr


US stocks end volatile week lower
Published : Sunday, 15 March, 2015,  Time : 12:00 AM,  View Count : 11

NEW YORK, March 14: The rising dollar and sinking oil prices dragged US stocks lower in a volatile week that also included the Apple Watch launch and news of Disney's "Frozen" movie sequel.
The Dow Jones Industrial Average ended at 17,749.31, down 107.47 points (0.60 per cent). The blue-chip index had triple-digit swings on four of the week's five sessions.
The broad-based S&P 500 shed 17.86 (0.86 per cent) to 2,053.40, while the tech-rich Nasdaq Composite Index lost 55.61 (1.13 per cent) at 4,871.76.
"The market is very volatile right now because investors have a lot of questions," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management. The dollar finished the week at a 12-year peak against the euro after the European Central Bank launched monetary stimulus Monday.
That came on the heels of a strong US jobs report that increased expectations the US Federal Reserve would move more quickly to lift interest rates.
Markets spent much of the week brooding over the speed of the dollar's ascent, as well as the problems associated with a strong greenback, such as the drag on US exports and the hit to emerging economies that hold dollar-denominated debt. It also hurts the foreign earnings of US companies.
"If you look at the causes for market weakness today, many point to the very significant move higher in the dollar," said David Levy, portfolio manager at Kenjol Capital Management. "This certainly is viewed negatively by US multinationals earning most of their revenues outside."
The strong greenback also acted as an anchor to oil prices, which are denominated in dollars. US crude prices finished the week at $44.84 a barrel on the New York Mercantile Exchange, down nearly 10 per cent from last week.
US oil production remains elevated, prompting a warning by International Energy Agency that US crude inventories are near capacity amid a global crude oversupply.     ?Agencies









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