Stocks tumbled on Wall Street Tuesday as investors eyed renewed strength in the U.S. dollar and economic data that could bolster the case for a Fed rate hike.
“I think it is all about the Fed and all about Greece. If anything can move the Fed to tighten sooner, like good economic news, it will cause equity turbulence” said Jack Ablin, chief investment officer at BMO Private Bank.
He also noted uncertainties surrounding Greece debt spells problems for global stock markets.
The Dow Jones industrial average shed triple digits, dropping 190 points and posting its worst day for the month.
The Nasdaq and S&P 500 both closed down more than a percent for the day. “I think the market is somewhat frothy if you look at valuations relative to earnings and revenues,” said Ablin. “We are monitoring momentum right now.”
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