King and Crown Prince offer condolence to Iranian president over the deadly port explosion    stc reports strong first-quarter 2025 results with 11% rise in net profit    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Mahmoud Abbas appoints Hussein Al-Sheikh as PLO vice president in key succession move    Saudi Arabia's entertainment sector attracts 76 million visitors in 2024    Third round of US-Iran nuclear talks concludes with cautious optimism    Multiple casualties reported after vehicle drives into crowd at Vancouver street festival    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Wall St falls as dollar strengthens
Chuck Mikolajczak
Published in The Saudi Gazette on 14 - 05 - 2011

NEW YORK: US stocks fell about 1 percent on Friday as a strengthening in the dollar due to global uncertainty caused a drop in commodity-related and financial shares.
The euro fell against the dollar as investors refocused on euro zone debt before meetings by finance officials in Brussels and as the Federal Reserve moved closer to ending a stimulus program.
The dollar gained 0.9 percent against a basket of currencies.
Stocks have been subjected to turbulence over the past week, with markets becoming highly sensitive to swings in the dollar as it forces reversals in commodity sensitive areas. US crude futures lost 0.9 percent and the S&P energy index lost 0.7 percent.
Financials were among the hardest hit on the fears the euro zone debt crisis could worsen. The KBW Bank index dropped 1.7 percent, weighed down by 2 percent drop in JPMorgan Chase & Co to $43.06.
“There is clearly a move into the dollar, which is again a flight to safety and a flight to quality taking place. That is the play. It's all one trade, it's the dollar, it's the euro, it's the gold, it's the financials now,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
“You've got these major financial shattering events potentially lurking out there that you don't know how to play. Therefore, my view is when in doubt, get out.” The CBOE Volatility Index, used as an indicator of investor fear, surged 8 percent.
The Dow Jones industrial average dropped 121.48 points, or 0.96 percent, to 12,574.44. The Standard & Poor's 500 Index dropped 11.89 points, or 0.88 percent, to 1,336.76. The Nasdaq Composite Index dropped 29.38 points, or 1.03 percent, to 2,833.66.
In recent weeks, leadership in the S&P 500 has shifted from cyclical sectors like energy and basic materials to sectors with more stable growth like healthcare and utilities.
The new leadership sectors outperformed on Friday, with the Morgan Stanley Healthcare Payor index up 0.1 percent and the S&P consumer staples sector off 0.2 percent.
Economic data showed US inflation raced to a 2-1/2 year high in April as food and gasoline prices rose, but there was little sign of a broader pick-up in consumer prices while an indicator of consumer sentiment rose. Yahoo Inc shares fell 4.3 percent to $16.44 after it said the Alibaba Group restructured the ownership of Alipay, one of China's largest online payment businesses, without the knowledge of Yahoo and Softbank, two of its stakeholders.


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