Stock Sell-Off Undermines Dollar

Thu., July 20, 1995

The dollar plunged against most major currencies Wednesday, hitting a two-month low vs. the German mark, following a turbulent sell-off in the U.S. stock and bond markets.

The Dow Jones industrial average speedily sank more than 130 points at one point Wednesday afternoon before recovering some of the lost ground and ending down 57.41 points. U.S. Treasury bond prices also tumbled.

The markets’ slide followed Federal Reserve Chairman Alan Greenspan’s testimony to Congress, where he gave an upbeat outlook for the economy, diminishing hopes for another interest rate cut.

In late New York trading, the dollar was quoted at 1.3758 marks, down from 1.3885 late Tuesday.

Canada .7399 1.3516

France .2091 4.7825

Germany .7278 1.3740

Great Britain 1.5990 .6254

Italy .000617 1619.50

Japan .011485 87.07

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Stock Sell-Off Undermines Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

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