U.S. Stocks Follow World Stocks Lower On Stronger Dollar
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U.S. stocks sold off today as a stronger dollar hit recent market leading commodity stocks hard. The sell off started in Asia and Europe and spread to the U.S. The MSCI World Index fell the most in two months. All the major U.S. indexes fell over 2% today; the Dow lost 187 points, the Nasdaq fell 42 and the S&P 500 lost 22.5.
Data today from the U.S. Treasury on net foreign purchases of long-term U.S. securities stoked fears that the Federal Reserve could be forced to monetize the debt to maintain the current level of government borrowing. The data showed that large foreign buyers of long-term U.S. securities, including China, Japan and Russia and Brazil, all lowered their holdings of U.S. treasuries.
In addition, the Empire Manufacturing Index, which measures economic activity in the New York Fed district, fell 9.4 in June which was much worse than the expected 4.6 drop. A reading below zero signals manufactuing contraction.
Individual commodity stocks that took it on the chin today included Freeport-McMoRan (NYSE: FCX) which fell nearly 6%, U.S. Steel (NYSE: X) slumped nearly 6%, and Alcoa (NYSE: AA) fell nearly 7%.
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