But it's a fairly dramatic move in the usual sleepy world of government-backed paper currencies. The ICE US Dollar Index has gained 3% this year. The greenback is trading against other major currencies at a level that it last hit in May 2020, shortly after the start of the Covid-19 pandemic. The flight to quality assets that has lifted gold this year is also helping another classic safe haven investment - the US dollar. In a battle of mega-billionaires, Carl Icahn sold his stake in the oil company while Warren Buffett's Berkshire Hathaway boosted its investment. Dow component Chevron ( CVX) was lower Monday and Occidental Petroleum ( OXY) gave up earlier gains and was down 5% midday. Investors were fleeing stocks and other risky assets, such as bitcoin, and were flocking to the safety of gold and the US dollar.Įven energy stocks weren't immune to the sell-off. The S&P 500 has fallen 11% in 2022 while the Nasdaq has plummeted nearly 17%.
The S&P 500 and Nasdaq were faring even worse. The average of 30 blue chip industrials has now plunged nearly 10% so far in 2022. The Dow was down about 600 points, or 1.8%. Worries about the Russian invasion of Ukraine and spiking oil prices are still making traders very nervous. The broader indexes continued to fall Monday and hit their lows of the day in mid-afternoon trading. It's more like March sadness, as opposed to madness, for stock market investors.
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