The Dow Jones Industrial Average slid 29.44 points, or 0.6%, to. 12,380.05. The S&P 500 lost 5.34 points of 0.40% to 1,328.17. Nasdaq was down 15.72 points or 0.56% at close to 2,780.42.
Weakness on the U.S. dollar set the tone at mid-day when the government’s failure to reach a resolve over the budget. The U.S. Dollar Index, which examines the currency against a basket of others, slipped 0.7%. Demand for U.S. Treasurys also fell for the day, pushing the yield on the 10-year note up to 3.58%.
Commodities naturally shined today as they are wont to do when investors are faced with a week dollar. Crude oil continued its rise up to $112 a barrel on negative news regarding Libya’s plans to resume production in the near future.
Energy, healthcare and basic materials were the only sectors that advanced today, which would seem reasonable with the weakened dollar.
Notable gainers for the day included Expedia, Inc. (NASDAQ: EXPE), up 12.95%, Tempurpedic International Inc. (NYSE: TPX), up 12.12% and Basic Energy Services, Inc. (NYSE: BAS), up 8.41%.
Tech companies were hard hit today on news that a disrupted supply chain resultant from the Japanese earthquake could hamper production. Qihoo 360 Technology Co Ltd (NYSE:QIHU) and SuperConductor Tech Inc., (NASDAQ: SCON) were both down over 8%.
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