 "Global markets bleed on $, Greece debt talks")
US stocks fell 1 per cent on Tuesday, with major indexes dropping in a broad decline and turning negative for the year, amid continued strength in the dollar.
Concerns over Greece's debt talks added to the day's weakness, which took the S&P 500 below its 50-day moving average, a sign of weak near-term momentum.
The dollar index, which measures the greenback against a basket of major currencies, hit its highest since September 2003. The euro fell to $1.07205, its lowest level since April 2003, before paring losses.
Nicholas Colas, chief market strategist at the ConvergEx Group in New York, said: "There's some concern about what impact this will have on corporate earnings going forward, especially for the big multi-national companies."
At 12:07 pm, the Dow Jones industrial average fell 267.28 points, or 1.49 per cent, to 17,728.44, the S&P 500 lost 29.16 points, or 1.4 per cent, to 2,050.27 and the Nasdaq Composite dropped 75.35 points, or 1.52 per cent, to 4,867.09.
Declining issues outnumbered advancing ones on the NYSE by 2,240 to 759, for a 2.95-to-1 ratio; on the Nasdaq, 2,101 issues fell and 528 advanced for a 3.98-to-1 ratio.
The S&P 500 was posting 4 new 52-week highs and 15 new lows; the Nasdaq Composite was recording 26 new highs and 71 new lows.
European stocks fell sharply despite the European Central Bank's new bond-buying campaign continuing to push down the euro and the bloc's already record-low borrowing costs.
The Stoxx Europe 600 Index lost 0.9 per cent to 389.66 at the close of trading. It earlier rose as much as 0.2 per cent. All 19 industry groups fell, with energy shares dropping the most.
"It is all about the Fed now," said Aurelija Augulyte, senior foreign exchange strategist at Nordea in Helsinki. "The ECB (bond buying) bias has now been fully digested, but what the market is now trying to do is price in (the prospect of) earlier Fed rate hikes."
Concerns over Greece's debt talks added to the day's weakness, which took the S&P 500 below its 50-day moving average, a sign of weak near-term momentum.
The dollar index, which measures the greenback against a basket of major currencies, hit its highest since September 2003. The euro fell to $1.07205, its lowest level since April 2003, before paring losses.
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"We're seeing a generally hawkish tone out of the Federal Reserve," said Chris Gaffney, president of EverBank World Markets in St Louis. "There is a real desire from the Fed to just start the process, to get rates off zero," he said.
Nicholas Colas, chief market strategist at the ConvergEx Group in New York, said: "There's some concern about what impact this will have on corporate earnings going forward, especially for the big multi-national companies."
At 12:07 pm, the Dow Jones industrial average fell 267.28 points, or 1.49 per cent, to 17,728.44, the S&P 500 lost 29.16 points, or 1.4 per cent, to 2,050.27 and the Nasdaq Composite dropped 75.35 points, or 1.52 per cent, to 4,867.09.
Declining issues outnumbered advancing ones on the NYSE by 2,240 to 759, for a 2.95-to-1 ratio; on the Nasdaq, 2,101 issues fell and 528 advanced for a 3.98-to-1 ratio.
The S&P 500 was posting 4 new 52-week highs and 15 new lows; the Nasdaq Composite was recording 26 new highs and 71 new lows.
European stocks fell sharply despite the European Central Bank's new bond-buying campaign continuing to push down the euro and the bloc's already record-low borrowing costs.
The Stoxx Europe 600 Index lost 0.9 per cent to 389.66 at the close of trading. It earlier rose as much as 0.2 per cent. All 19 industry groups fell, with energy shares dropping the most.
"It is all about the Fed now," said Aurelija Augulyte, senior foreign exchange strategist at Nordea in Helsinki. "The ECB (bond buying) bias has now been fully digested, but what the market is now trying to do is price in (the prospect of) earlier Fed rate hikes."