Dollar slides on data, U.S. growth forecast; oil up
By Rodrigo Campos
NEW YORK (Reuters) - The U.S. dollar fell sharply on Tuesday, weighed by mixed retail sales data and economic growth predictions, while crude rose after a surprise drop in forecasts for U.S. shale oil production.
Energy shares buoyed stocks on Wall Street, with investors also focused on U.S. corporate earnings and the data miss. A lower full-year earnings forecast from Johnson & Johnson due to the impact of dollar strength kept gains in check.
Angst over the stronger dollar added to a list of concerns throughout the first quarter that have lowered estimates on corporate earnings.
"Expectations are low, primarily because of economic weakness during the first quarter related to weather, the strong dollar, the West Coast dock strike and oil prices," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
The Dow Jones industrial average rose 59.66 points, or 0.33 percent, to 18,036.7, the S&P 500 gained 3.41 points, or 0.16 percent, to 2,095.84 and the Nasdaq Composite fell 10.96 points, or 0.22 percent, to 4,977.29.
The S&P energy sector jumped 1.8 percent.
The FTSEurofirst 300 index of top European shares ended down 0.45 percent after touching its highest since November 2000. Nikkei futures edged up 0.2 percent.