A rebounding dollar and persisting worries about the economy kept investors on a wait-and-watch mode and stocks fell broadly as weakness in energy shares, precipitated by reports of flush U.S. reserves, weighed on sentiments. In a broad based decline, major stock indexes fell about 1% from their 13-month highs.
The strength in US dollar, based upon its safe-haven appeal, undermined investors' appetites for riskier, high-yielding assets such as equities as upside guidance from DJIA components Wal-Mart and Hewlett-Packard failed to stem the retreat.
The Dow Jones industrial average fell 94 points, or 0.9%, to close at 10,197.47. The S&P 500 retreated 11 points, or 1%, to close at 1,087.24, after climbing to an intraday high of 1,101.97. The tech-heavy Nasdaq composite index retreated 18 points, or 0.8%, to settle at 2,149.02. On the New York Stock Exchange, declining issues outpaced those that advanced in price by a four-to-one margin
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