NEW YORK (CNNMoney) — It was a terrible Tuesday for the markets.
The Dow plummeted 332.7 points, its worst drop of the year. It erased all gains for the year. The S&P 500 and Nasdaq both dropped about 1.7% Tuesday.
The momentum sure isn’t going in the direction investors prefer. Although the S&P 500 is down just over 3% from its all-time high last week, Tuesday marks the second big slide in three days.
What’s caused all the commotion in the markets? Blame China, the strong dollar, oil and Basel’s latest banking rule idea.
The U.S. dollar is now trading at a 12-year high against the euro. That’s great for any Americans booking trips to Europe, but it’s not so great for big multinational companies trying to sell their goods abroad — or bring their foreign profits back to the U.S.
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