Roundup: U.S. stocks plummet on dollar pressure, Greece concerns

U.S. stocks suffered big losses on Tuesday, pressured by the surging U.S. dollar and persisting concerns about debt talks with Greece.

The Dow Jones Industrial Average plunged 332.78 points, or 1.85 percent, to 17,662.94. The S&P 500 sank 35.27 points, or 1.70 percent, to 2,044.16. The Nasdaq Composite Index slumped 82.64 points, or 1.67 percent, to 4,859.79.

A stronger U.S. dollar rattled investors Tuesday. The dollar index, which measures the greenback against six major currencies, was up 0.32 percent at 94.559 in late trading, the highest level since September 2003.

The euro dropped to a 12-year low against the U.S. dollar amid the newly-started quantitative easing program by the European Central Bank (ECB) and the rising concerns on Greek debt issues.

The ECB began its 60 billion euros per month bond buying program on Monday with the aim to fend off deflation and boost the eurozone economy by pumping more money into real economy.

Greek debt issues reclaimed the spotlight as Eurogroup President Jeroen Dijsselbloem said late Monday that "discussions between the Greek authorities and the institutions must and will start as from Wednesday."

He underlined the importance of close and efficient cooperation between the Greek authorities and the institutions, adding that " the commitments of no unilateral actions and no rolling-back on measures previously agreed needed to be respected at all times."

Meanwhile, crude prices tumbled Tuesday after the U.S. dollar appreciated against other currencies, as a stronger greenback makes the dollar-denominated crude more expensive and less attractive for buyers.

Dampening investor sentiment, overseas stock markets dropped broadly on Tuesday. European shares extended losses amid ongoing Greece debt talks, while Asian equities also largely fell with Chinese Shanghai Composite Index down 0.49 percent.

In corporate news, chipmaker Qualcomm announced a 15-billion- dollar buyback program after Monday's closing bell. The technology giant said it will also raise its quarterly dividend by 14 percent and purchase 10 billion dollars worth of stock within 12 months. Its shares reversed early gains Tuesday to close at 71.89 dollars apiece, down 1.13 percent.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, soared 10.82 percent to end at 16.69 Tuesday.

In other markets, the dollar surged against most major currencies as the country's upbeat nonfarm payrolls raised market expectation that the Federal Reserve may raise interest rates in mid-year.

In late New York trading, the euro decreased to 1.0699 dollars from 1.0858 dollars in the previous session, while the dollar bought 121.10 Japanese yen, lower than 121.18 yen of the previous session.

Crude prices also plunged as a stronger greenback made the dollar-denominated crude more expensive and less attractive for buyers. Light, sweet crude for April delivery lost 1.71 dollars to settle at 48.29 dollars a barrel on the New York Mercantile Exchange(Nymex).

Gold futures on the COMEX division of the Nymex closed lower as the dollar index hit multi-year highs amid U.S. rate hike worries. The most active gold contract for April delivery lost 6.4 dollars, or 0.55 percent, to 1,160.10 dollars per ounce. Endite