Share this article

print logo

Market declines for third straight week as dollar resumes rally

U.S. stocks fell, sending the Standard & Poor’s 500 Index to its third straight weekly decline, as a dollar rally weighed on raw-material and industrial companies.

International Business Machines Corp. and United Technologies Corp. lost more than 2 percent. Halliburton Co., Exxon Mobil Corp. and Chevron Corp. declined as crude oil retreated amid rising supplies. Raw material companies slid 1 percent.

The S&P 500 Index slipped 0.6 percent to 2,053.4. The Dow Jones Industrial Average dropped 145.91 points, or 0.8 percent, to 17,749.31. The Nasdaq Composite Index fell 0.4 percent. About 6.8 billion shares changed hands on U.S. exchanges, 2.1 percent below the three-month average.

The dollar advanced against the euro, rebounding from a drop on Thursday.

A dollar gauge against its major peers has jumped 8 percent this year, set for the biggest quarterly gain since 2008.

Miner Freeport-McMoran lost 4 percent and specialty metals producer Allegheny Technologies fell 5.8 percent to pace declines among raw-material companies. Alcoa Inc. slipped 1.7 percent.

Energy companies in the S&P 500 dropped 0.5 percent. Halliburton decreased 2 percent, while Dow components Chevron and Exxon slumped at least 0.4 percent as West Texas Intermediate crude prices fell to the lowest in six weeks.

Harley-Davidson Inc. fell 3.4 percent to its lowest level since October after a report that the motorcycle maker is laying off 169 workers at a Kansas City, Mo., factory.