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Stocks are falling and the dollar is surging

dollar bag statue sculpture
dollar bag statue sculpture

(Business Insider/Akin Oyedele)

US stocks are falling and the dollar is surging after the long weekend.

Near 3:00 p.m. ET, the Dow was down 235 points, the S&P 500 was down 26 points, and the Nasdaq was down 71 points.

The US dollar is making the big move in markets today. The dollar index jumped by as much as 1% on Tuesday morning to as high as 97.46, a level last reached late in April.

The dollar rallied to the highest in nearly eight years against the Japanese yen – as high as 123.

The euro tanked to a one-month bottom, as low as $1.0874.

Market watchers pointed to Federal Reserve chair Janet Yellen's comments on Friday that it would be appropriate to raise interest rates at some point this year.

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In company news, Charter Communications is buying Time Warner Cable for over $55 billion, it was announced this morning, following reports by Bloomberg over the long weekend that the agreement was near.

The agreement values each Time Warner share at $195.71 — 14% more than the closing price on Friday. The new deal values Time Warner at $78.7 billion.

Time Warner Cable shares were up by around 3% in late-morning trading.

There's been plenty of economic data out today.

We first got a snapshot of business spending which showed nondefense capital goods orders excluding aircraft jumped by 1.0%. Economists had expected an increase of just 0.3%. Total durable good orders including volatile aircraft orders fell 0.5%, in line with expectations.

Home prices rose more than expected in March, according to the latest S&P/Case-Shiller home price index. Prices rose 0.95% month-over-month (versus 0.9% expected,) and rose 5.04% year-over-year (versus 4.6% expected.)

New home sales spiked in April, rising 6.8% month-over-month (versus 5.0% expected) to an annual rate of 517,000 (versus 505,000 expected.)

Consumer confidence unexpectedly improved in May, rising to 95.4 from 94.3 in April.

Here's a look at the dollar index.

dollar
dollar

(FinViz)

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