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The US Dollar continued to slide Friday as fresh stock market uncertainty weakened the currency further against the euro.
The euro rose to as high as $1.348 as a combination of falls in domestic equity markets and poor earnings reports from the likes of internet giant Google Inc. held the Dow Jones back.
The dollar also fell back against the British pound, with the Sterling worth $2.0544 at one point.
And as fears over the value of the dollar mounted, the Dow Jones Industrial Average slid no less than 160 points 13,840.
However, worst hit was the NASDAQ Composite which lost 1.34 percent to 2,683.54. It was also a bad day for the S&P 500, down 1.2 percent to 1,534.63.
Much of the day’s uncertainty revolved around disappointing Second Quarter results from Google Inc. which saw the internet giant’s share value plummet 5 percent to 521.00.
Meanwhile, construction conglomerate Caterpillar Inc saw its shares slide 7.75 percent into the red to 80.24.
Much of the uncertainty revolves around the ongoing lending crisis in the US and a gloomy outlook on the broader housing market.
However, positive signs from the Asian markets on Monday signaled a possible revival of the US Dollar as the Hang Seng and Shanghai Composite made some positive progress.
04:33
Posted on Jul-30-2007
