Stocks Turn Lower As Rising Dollar Hits Oil Prices

STEPHEN BERNARD

NEW YORK (AP) — Stocks gave up early gains Monday as a rising dollar stalled a rally in commodities.

Oil and other commodities had risen in early trading, pushing up shares of energy and materials companies, but by midmorning those gains were gone as the dollar turned higher against other currencies.

Changes in the dollar frequently push commodity prices up or down, since a higher dollar makes oil and other basic materials, which are priced in dollars, more expensive to non-U.S. investors.

The Dow Jones industrial average swung in a 200-point range, surrendering an early advance for a loss of about 100 points by late morning. Oil fell $1.16 to $79.34 per barrel on the New York Mercantile Exchange, having given up earlier gains.

Technology shares fared somewhat better than other parts of the market after Marvell Technology Group Ltd., which makes chips used in phone networks, raised its fiscal third-quarter revenue forecast. That helped the technology-focused Nasdaq composite index limit its losses.

RadioShack Corp.'s third-quarter sales topped expectations, giving a boost to retailers.