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Roundup: U.S. stocks end slightly lower amid strong dollar, global rallies

Xinhua, April 8, 2015 Adjust font size:

U.S. stocks closed at the red territory after wavering in a tight range above flatline in most of the session Tuesday, as investors were assessing a strong U.S dollar against an across-the-board stock surge around the world.

The Dow Jones Industrial Average edged down 5.43 points, or 0. 03 percent, to 17,875.42. The S&P 500 dipped 4.29 points, or 0.21 percent, to 2,076.33. The Nasdaq Composite Index lost 7.08 points, or 0.14 percent, to 4,910.23.

The U.S. dollar climbed against most major currencies on Tuesday as investors were awaiting the closely-watched Federal Reserve minutes for its latest meeting scheduled for release on Wednesday. The meeting minutes were expected to give more clues about the timing of the rate hike.

The dollar index, which tracks the greenback against six major peers, was up 1.15 percent at 97.890 in late trading.

In late New York trading, the euro declined to 1.0831 dollars from 1.0979 dollars in the previous session, while the dollar bought 120.37 Japanese yen, higher than 119.34 yen of the previous session.

Analysts think that the overall earnings for the first quarter of 2015 would be hurt by the stronger dollar.

Overseas stock markets witnessed broad-based big rallies on Tuesday. European equities rose sharply on Tuesday, with British benchmark FTSE 100 Index jumping near 1.9 percent, as investors returned with bullish mood after the Easter weekend and the good economic data from both Britain and the eurozone.

In Asia, Chinese Shanghai Composite Index surged 2.52 percent on Tuesday after the three-day Tomb Sweeping Day holiday, continuing to refresh new highs amid expanding turnover. The Nikkei stock index gained 1.25 percent Tuesday, as investor sentiment was lifted by Wall Street's overnight rally.

On the economic front, U.S. job openings registered 5.13 million in February, the highest level since January 2001, the Labor Department reported Tuesday.

In corporate news, FedEx agreed to acquire struggling TNT Express for 4.8 billion U.S. dollars in a deal that will give the U.S. company access to the Dutch package-delivery firm's European road network. Shares of FedEx added 2.69 percent to 171.16 dollars apiece on Tuesday.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, increased 0.27 percent to end at 14.78 Tuesday.

In other markets, crude prices rose amid speculation that the low price will curb the surplus supply.

Light, sweet crude for May delivery gained 1.84 dollars to settle at 53.98 dollars a barrel on the New York Mercantile Exchange.

Gold futures on the COMEX division of the New York Mercantile Exchange dropped as the dollar rebounded, putting pressure on the precious metal.

The most active gold contract for June delivery lost 8 dollars, or 0.66 percent, to settle at 1,210.60 dollars per ounce. Endite