looks like a good "buy" day tomorrow?

  1. 701 Posts.
    Will it flow on to us... our dollar looking good.

    Markets & Stocks
    Stocks under pressure

    Major indexes suffer big selloff following plunge in U.S. dollar after weekend G7 meeting.
    September 22, 2003: 10:27 AM EDT



    NEW YORK (CNN/Money) - U.S. stocks tumbled Monday, dragged down by a sharp selloff in the dollar and international markets after comments from a weekend meeting of the Group of 7 spooked investors.


    At around 10:15 a.m. ET, the Dow Jones industrial average (down 99.10 to 9545.72, Charts), the Standard & Poor's 500 (down 14.15 to 1022.15, Charts) index and the Nasdaq composite (down 33.00 to 1872.70, Charts) all posted declines of more than 1 percent, with the Nasdaq down the most.

    The dollar fell after a weekend meeting of the Group of Seven (G7), at which finance ministers meeting in Dubai called for more flexibility in the exchange rate.

    The comments sent the dollar lower versus other major currencies. It also pressured international stock exchanges on fears that a weaker dollar will hurt the competitiveness of their exports in world markets.

    The dollar fell more than 2 yen from late Friday to about ¥111.91 The dollar was little changed versus the euro, with the European currency buying $1.1479, versus $1.1475 late Sunday.

    The selling was fairly broad, with 28 out of 30 Dow stocks trading lower.

    The ascendant yen punished Asian markets. In particular, Tokyo's Nikkei index fell 4 percent Monday, its worst loss in two years. European markets also weakened at midday there.

    Market breadth was decidedly negative, with losers beating winners by 4 to 1 on both the New York Stock Exchange, where 260 million shares traded and the Nasdaq, where 440 million shares traded.

    Treasury prices fell sharply in early trading, sending the 10-year note yield up to 4.28 percent from 4.16 percent late Friday.


    m2u




 
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