U.S. stocks went on a roller-coaster ride Tuesday, losing 100 points before reversing course to trade close to even.
For months, we’ve been reading and hearing about how a stronger dollar was bad for stocks and American businesses. Yet Tuesday morning saw the dollar lose value against a number of currencies—and the Dow fell by nearly 100 points in response.
Also, with a lack of major U.S. data due on Tuesday, investors focused on Europe—and picked the wrong time to do so. Concerns grew over Greece’s ability to repay its considerable outstanding debts. Despite that, the Euro showed modest growth of 0.3 percent in the first quarter, moving it higher against the U.S. dollar.
By mid-day, however, the market reversed its course, recovering all morning losses and even eking out a gain across the three major indices. By late afternoon, all three indices were near their starting points.
Analysts claim this is all just background noise, leading to Friday’s jobs report.
Here are the final numbers from Wall Street on Tuesday;
Dow Jones Industrial Average: 18,011.94 (-28.43)
NASDAQ: 5,076.52 (-6.40)
S&P 500: 2,109.60 (-2.13)