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Dollar Hits 3 Year Low Against Basket Of Currencies

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Wednesday, May 4, 2011

Stocks tumbled as energy and materials stocks continued to weaken, and as investors digested weak economic news on the service sector and jobs.

The Dow Jones Industrial Average dropped more than 80 points after edging into positive territory at the end of a choppy session on Tuesday.

The dollar hit a three-year low against a basket of currencies, as the euro gained to nearly $1.50.

Silver continued to decline to nearly $41 an ounce after falling nearly 8 percent on Tuesday, as increased costs for trading futures pushed investors from the market. Gold futures also fell, dropping to nearly $1,536 an ounce.

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This article was posted: Wednesday, May 4, 2011 at 8:14 am

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