The dollar and Treasurys often trade in tandem when anxiety hits markets. Traders from around the world sell foreign assets and then need to buy dollars before buying dollar-denominated U.S. Treasurys.
Europe’s struggles come at a time when Asia is also slowing. China’s economic growth fell to a nearly three-year low of 8.1 percent in the first quarter and factory output in April grew at its slowest pace since the 2008 crisis, raising the threat of job losses and possible political tensions.
A poor earnings report from Dell helped tug down other tech stocks, including Intel and Microsoft. Dell reported disappointing results after the market closed Tuesday and predicted weak sales for its second quarter. Dell dropped 17 percent.
Other stocks making big moves included:
• Google gained 1 percent following news that a federal jury ruled against Oracle in its patent-dispute case against the Internet search giant.
• Ford rose 2 percent, a day after the company won back its blue oval logo, factories and other assets that were pledged as collateral for a massive loan taken out last decade.
• Guess rose 6 percent after its first-quarter results beat Wall Street’s expectations, and an analyst recommended that investors buy the stock.
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