US stocks fall on dollar's strength

Last updated: March 14, 2015

US stosks Photo: BBC

New York (BBN)-US shares ended the week lower, despite a small recovery on Thursday, as investors fretted over falling oil prices and a strong US dollar.

At the end of trading on Friday, the Dow Jones was down 146 points - or 0.8% - at 17,749.57, while the S&P 500 was 12.6 points lower at 2,053.39, reports BBC.

The tech-heavy Nasdaq shed 21.33 points to 4,871.76. The dollar rose by 1.42% against the euro, making one dollar worth €0.9543.

A strong dollar can hurt US companies' profits, as they get less from their overseas earnings after currency conversions.

Additionally, the dollar's strength makes it harder for firms to compete with foreign rivals, who may be able to offer similar products more cheaply.

The price of the US oil benchmark - West Texas Crude - fell by 4% to $45 a barrel, hurting shares in the sector.

Oil and gas driller Ensco fell by almost 6.6%, while rig owner Transocean fell almost 5%.

BBN/SK/AD-14Mar15-10:30am (BST)

Bangladesh Business News
BBN is the country's oldest Business News and Analysis platform, run by veteran business journalist and analyst that you can rely upon.
© Copyright 2024 - BBN - All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram