tocks fell for a second session yesterday, with equities keeping a tight range that corresponded with currency fluctuations as traders focused on the dollar’s strength and its possible effect on corporate earnings.
The Dow Jones industrial average fell 104.9 points, or 0.58 per cent, to 18,011.14, the S&P 500 lost 12.92 points, or 0.61 per cent, to 2,091.5 and the Nasdaq Composite dropped 16.25 points, or 0.32 per cent, to 4,994.73. Falls on the Nasdaq were tempered by a boost from Google, up 2.04 per cent to $577.54 after the internet giant announced that Morgan Stanley’s chief financial officer would be joining its board.
Whiting Petroleum plunged 19.5 per cent to $30.91. North Dakota’s largest oil producer announced an offering of 35m shares and a $1.75bn mix of notes and convertible notes to help cut its near-$6bn debt.