Dow Closes Below 11,000 as Dollar Jumps

By: Associated Press
By: Associated Press

New York, NY (AP) - The Dow Jones industrial average is closing
below 11,000 for the first time in a little more than a week.
Traders sent stocks lower Tuesday after a surprise interest rate
hike in China that is intended to slow that country's growth.
The dollar had its biggest one-day gain since June. That hurt
companies in the energy and materials business, who saw the cost of
their operations increase.
According to preliminary calculations, the Dow is down 165, or
1.5 percent, at close at 10,979.
The S&P 500 index is down 19, or 1.6 percent, at 1,166, while
the Nasdaq is down 44, or 1.8 percent, at 2,437.
Falling stocks outnumbered gaining ones five-to-one on the New
York Stock Exchange, where volume came to 1.3 billion shares.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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