Dollar strengthens as the stock market slides
NEW YORK (AP) — Traders seeking safety pushed the dollar higher against most major currencies Tuesday as stocks fell sharply.
The Dow Jones industrial average fell over 200 points after several companies reported weak quarterly earnings and cut their expectations for the year.
DuPont, the chemical maker, said it will cut jobs after sales fell in its third quarter. 3M, which makes products ranging from Post-it notes to coatings for LCD screens, cut its profit predictions for the year.
The euro fell to $1.2976 in late trading Tuesday from $1.3045 late Monday. The British pound fell to $1.5942 from $1.6006.
The dollar rose to 79.91 Japanese yen from 79.89 Japanese yen and to 0.9332 Swiss franc from 0.9275 Swiss franc.
The dollar fell to 99.27 Canadian cents from 99.38 Canadian cents.