AP: Stronger dollar, weak economic data pummels stocks
NEW YORK (AP) -- A stronger dollar and more discouraging signs of a subdued economic recovery are driving a broad sell-off in stocks.
Energy and material stocks are showing the biggest losses as a jump in the dollar sends commodity prices tumbling. A stronger dollar makes commodities more expensive to foreign buyers, and companies that produce the commodities make less money from them.
Meanwhile, an analyst's downgrade of the chip sector is pulling technology shares sharply lower.
Weak economic data, including a report showing a surge in foreclosures, is giving investors little incentive to hold on to stocks.
At midday, the Dow is down 154 at 10,272. The Standard & Poor's 500 index is down 19 at 1,090, while the Nasdaq composite index is down 46 at 2,146.