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)
