NEW YORK: Global stocks reversed course yesterday and fell as optimism about the global economy faded, while the dollar rose against the euro as the slide in equities prompted investors to seek shelter in the US currency.
Before 1 p.m., the Dow Jones Industrial Average fell 147.51 points, or 1.84 percent, at 7,870.08. The Standard & Poor’s 500 Index shed 18.98 points, or 2.25 percent, at 823.52. The Nasdaq Composite Index lost 40.26 points, or 2.48 percent, at 1,581.61.
The FTSEurofirst 300 index of top European shares closed 0.7 percent lower at 766.09 points. The benchmark index is up 18 percent since sliding to an all-time low on March 9.
The Saudi, Kuwait and Abu Dhabi indexes all closed at three-month highs yesterday.
In Saudi Arabia, the Tadawul All-Share Index (TASI) climbed 1.6 percent to 5,083 points, its highest finish since Jan. 12.
The Abu Dhabi index climbed 0.5 percent to 2,556 points, its highest close for three months.
The index in Dubai fell 0.3 percent to 1,621 points, its fourth reverse in six sessions.
The Kuwaiti index closed up for the fifth successive session, rising 1.4 percent to 7,234 points, boosted by banks, to reach its highest finish since Jan. 11. The Qatar index climbed 0.1 percent to 5,164 points, its third straight rise.
The Muscat benchmark ended higher for a third successive session, rising 0.9 percent to 4,760 points, helped by its major banks.
The dollar gained against a basket of major currencies, with the US Dollar Index up 0.83 percent at 84.875. The euro fell 0.81 percent at $1.3371. Against the yen, the dollar rose 0.36 percent to 100.66.
US light sweet crude oil fell $2.25 to $50.26 a barrel.
Spot gold prices fell $21.15 to $870.75 an ounce.