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Stocks fall on weakening dollar US stocks volatile on weak dollar
(about 2 hours later)
US share indexes have fallen sharply, hit by dollar weakness and the news that a unit of US private equity group Carlyle was on the verge of collapse. US shares were volatile in Thursday trading, hit by the weak dollar and news that a unit of private equity group Carlyle was near collapse.
Sentiment was further knocked by record oil prices, prompting investors to move money to haven assets such as gold.Sentiment was further knocked by record oil prices, prompting investors to move money to haven assets such as gold.
The main Dow Jones index was down 214 points, or 1.8%, at 11,896. The main Dow Jones index was down 59.51 points, or 0.5%, at 12,050.73, after earlier being as much as 1.8% lower.
Asian shares had earlier closed lower, while European stocks were also down as investor fears about a recession in the US have spread globally. European and Asian stocks had finished lower, and analysts warned of more market volatility in coming weeks.
'Dominant factor''Dominant factor'
Earlier in the day, the price of a barrel of benchmark US light crude oil passed $110 in Thursday trading, while gold hit $1,000 for the first time.
We are entering dollar crisis mode Currency economist Derek Halpenny
Economic concerns and the weak dollar overshadowed Tuesday's announcement that central banks would inject more than $200bn (£98bn) into money markets to ease the credit crunch and stimulate lending.Economic concerns and the weak dollar overshadowed Tuesday's announcement that central banks would inject more than $200bn (£98bn) into money markets to ease the credit crunch and stimulate lending.
The price of a barrel of benchmark US light crude oil passed $110 in Thursday trading, while gold hit $1,000 for the first time.
US investor sentiment was further hit by official figures showing a larger than expected fall in American retail sales in February.US investor sentiment was further hit by official figures showing a larger than expected fall in American retail sales in February.
"The dollar will remain the dominant factor until the Federal Reserve meeting next Tuesday," said analyst Olivier Jakob of Petromatrix."The dollar will remain the dominant factor until the Federal Reserve meeting next Tuesday," said analyst Olivier Jakob of Petromatrix.
"But oil will also have to balance with equities under the pressure of more credit hedge funds going belly-up.""But oil will also have to balance with equities under the pressure of more credit hedge funds going belly-up."
In mid-afternoon trading in Europe, the UK's main FTSE 100 index was down 1.69%, or 97.50 points, at 5678.90. The UK's main FTSE 100 index closed down 84 points, or 1.5%, at 5,692.
Germany's Dax had lost 2%, while France's Cac had given up 2.2%. Germany's Dax lost 1.5%, France's Cac gave up 1.4%, and Japan's Nikkei closed down 3.3%.
Japan's Nikkei earlier finished 3.3% lower. "We are entering dollar crisis mode," said Derek Halpenny,currency economist at BTM-UFJ in London.
"Looking at the markets there is a complete loss of confidence and that's because the markets are concerned over the US financial sector and ultimately what the FederalReserve will be forced to do to support that sector."