A stronger dollar and disappointing corporate news muscled stocks lower Thursday over concerns that the economy will struggle to recover. The dollar climbed to a three-month high against the euro, a sign investors were seeking safety. Investor confidence was further sapped as Citigroup Inc. sold stock at a steep discount as part of a plan to repay government loans and a forecast from FedEx Corp. fell short of expectations.
The Dow Jones industrial average fell 132.86, or 1.3 percent, to 10,308.26.
The Standard & Poor's 500 index fell 13.10, or 1.2 percent, to 1,096.08.
The Nasdaq composite index fell 26.86, or 1.2 percent, to 2,180.05.
For the week:
The Dow is down 163.24, or 1.6 percent.
The S&P is down 10.33, or 0.9 percent.
The Nasdaq is down 10.26, or 0.5 percent.
For the year:
The Dow is up 1,531.87, or 17.5 percent.
The S&P is up 192.83, or 21.3 percent.
The Nasdaq is up 603.02, or 38.2 percent.