Stocks Tumble At Open As Dollar Strengthens

NEW YORK (AP) – Stocks are falling as investors seek safe-haven assets like the dollar and Treasurys following signs that the global economy is still struggling.

Reports in Britain and Germany show that manufacturing remains weak, while Japan’s government has approved $81 billion of new stimulus to keep its economy out of recession. Meanwhile, a leading credit rating agency has cut its ratings on six Dubai state-linked companies due to worries about their growing debts.

A disappointing earnings outlook from Dow Jones industrials component 3M and a weak sales report from McDonald’s, another Dow company, are also pulling stocks lower.

The Dow is down 93 at 10,296. The Standard & Poor’s 500 index is down 9 at 1,094, while the Nasdaq composite index is down 17 at 2,172.