Stocks Plunged; Dow Fell More Than 300 Points

U.S. stocks ended sharply lower on Tuesday as investors continue to grapple with the prospect of coming Federal Reserve rate hikes. The Dow Jones Industrial Average dropped 332.78 points, or 1.85%, to 17,662.94. The S&P 500 fell 35.27 points, or 1.70%, to 2,044.16. The Nasdaq Composite was down 82.64 points, or 1.67%, to 4,859.79.

The euro tumbled Tuesday towards a 12-year low against the dollar, hit by eurozone stimulus, growing US rate hike speculation and Greek debt concerns, dealers said. In London, the European single currency sank to $1.0722 at the close — its lowest level since mid-April 2003.

A rallying dollar sent oil prices sharply lower on Tuesday, with Brent falling more than U.S. crude as players took profits on recent highs in Brent’s premium, traders said. In New York, U.S. West Texas Intermediate (WTI) crude closed down more than 3 percent.

Target Corp. (TGT) said in a regulatory filing on Tuesday that it plans to cut 1,700 jobs as it seeks to cut costs and simplify operations. The No. 2 U.S. discounter said it expects to incur severance costs of about $100 million, which it will accrue as a pre-tax charge in the first quarter ending May 2.

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