World Stocks Modestly Lower As Dollar Rallies

PAN PYLAS

LONDON (AP) — World stocks fell Tuesday as soft U.S. industrial production data and disappointing comments from retailers Target Corp. and Home Depot Inc. reined in some of the optimism that had sent many indexes to 13-month highs.

The dollar, however, was rallying after the heads of both the U.S. Federal Reserve and the European Central Bank seemingly went out of their way to talk the currency up.

In Europe, the FTSE 100 benchmark of leading British shares closed down 36.74 points, or 0.7 percent, at 5,345.93 — on Monday it closed at its highest since September 2008.

Germany's DAX fell 26.39 points, or 0.5 percent, to 5,778.43 while the CAC-40 in France was 34.10 points, or 0.9 percent, lower at 3,829.06. Both indexes are near yearly highs as well.

On Wall Street, the Dow Jones industrial average was down 15.42 points, or 0.2 percent, at 10,391.54 around midday New York time while the broader Standard & Poor's 500 index fell 4.38 points, or 0.4 percent, at 1,104.92. On Monday, both U.S. indexes struck fresh 13-month highs.