NEW YORK (AP) – U.S. stocks fell sharply as fears of over possible interest rates hikes by the Federal Reserve roiled financial markets around the globe. In Europe, renewed concerns over Greece also spooked investors. The euro sank to a 12-year low against the dollar.
KEEPING SCORE: The Dow Jones industrial average fell 190 points, or 1.1 percent, to 17,804 as of 10:03 a.m. Eastern time. The S&P 500 fell 20 points, or 1 percent, to 2,059. The Nasdaq composite lost 55 points, or 1.1 percent, to 4,887.
FED FEARS: Last Friday’s strong U.S. jobs data for February continue to reverberate around markets. Traders think it’s now more likely that the U.S. Federal Reserve will raise interest rates in June. Ultra-low interest rates and other monetary stimulus have been a boon for stocks in the six-year bull market.
ANALYST TAKE: “Regardless of whether the Fed hikes in June or September, it’s coming and it’s not very far away,” said Craig Erlam, senior market analyst at OANDA. “That makes the dollar very strong compared to its peers.”
EURO DROP: The euro fell 0.7 percent to a 12-year low of $1.0769. The dollar fell 0.3 percent to 121.02 yen.