NEW YORK -- The Dow Jones industrial average plunged nearly 160 points today as a soaring dollar compounded concerns about weakening trade with Asia for U.S. companies. Stocks plunge 159.93
The Dow fell 159.93 to 8,811.77 and has now lost more than 250 points in the past three sessions. The Dow now sits 400 points below May 13's record close of 9,211.84, but still holds a gain of 900 points, or more than 11 percent, for the year.
The Standard & Poor's 500-stock index fell 17.70 to 1,094.58, and the NYSE's composite index slid 8.87 to 565.50. The Nasdaq composite index fell 23.51 to 1,749.74, and the American Stock Exchange index fell 7.80 to 699.05.
NYSE volume totaled 603.54 million shares, almost even with yesterday's tally of 599.95 million. Declining issues outnumbered advancers by an 8-to-3 margin on the New York Stock Exchange, with 825 up, 2,250 down and 445 unchanged.
The stock losses came despite another strong day in the bond market, where long-term interest rates eased to an all-time low.
The price of the Treasury's main 30-year bond was up 22/32 point, at 106 23/32 in late afternoon trading, adding to yesterday's surge of 11/4 points.
Its yield, which moves in the opposite direction, fell to 5.65 percent by late afternoon, compared with 5.70 percent late yesterday. That is lowest yield since the Treasury began regularly selling 30-
year bonds in 1977. The previous low was 5.69 percent, on Jan. 12.
In Asia, stocks fell 4.6 percent in the Philippines, 2.8 percent in Thailand, 2.1 percent in Japan, 1.4 percent in Malaysia, and 1.2 percent in Hong Kong.