Dollar strengthens as stocks fall
NEW YORK -- Traders seeking a safer investment are pushing the dollar higher against most major currencies as stocks fall sharply.
The Dow Jones industrial average is down over 200 points after several companies reported weak quarterly earnings and cut their expectations for the year. DuPont, the chemical maker, and 3M, which makes everything from Scotch tape to traffic sign coatings, are among the companies that posted disappointing results.
The euro fell to $1.2973 in afternoon trading from $1.3045 late Monday. The British pound fell to $1.5935 from $1.6006.
The dollar rose to 0.9327 Swiss franc from 0.9275 Swiss franc.
The dollar slipped to 79.80 Japanese yen from 79.89 Japanese yen.