>> Stocks battered from Europe to Wall Street Monday, the Dow plunging 600 points with blue chips and tech stocks tumbling, the NASDAQ losing almost 3%. The drop in technology, led by Apple, two of the tech giant's suppliers cut their forecasts, sparking worries Apple's new iPhones aren't selling as fast as hoped.
But tech wasn't the market's only problem. Shares of Goldman Sachs nose dived on a report the firm could face fallout tied to it's involvement in a scandal in Malaysia. And General Electric shares tumbled to their lowest level since 2009. New CEO Larry Culp sounded the alarm about the beleaguered company's high debt load, in an interview on CNBC.
And warned he'll have to sell off more assets to pay down that debt. A strong dollar intensified, the pain already being felt throughout the stock market. Worries that Britain and the European Union, won't be able to reach an agreement for a split, sent global investors running to the perceived safety of the US dollar.
The American currency surged to a 16 month high, but that will have a downside. A stronger dollar makes US products more expensive on international markets, eventually erasing some of the earnings power corporate America has enjoyed. Boeing, Cisco, and Intel rounding out the Dow's top losers. The market suffering the third straight session of losses, after trying to recover from what was a brutal October.