Bulls and bears duked it out last week, with the Dow experiencing multiple triple-digit intraday swings. In the end, the bears prevailed as the Dow and S&P 500 had their third week of losses, which sent both back into negative territory for the year. The dollar continued to gain strength, hitting $1.06 against the euro (its highest level since January 2003), while the price of oil, which has been above $50 a barrel at the beginning of the month, fell to roughly $45. Coupled with the start of quantitative easing by the European Central Bank, that raised concerns about how U.S. multinational companies' sales overseas would fare going forward. The small caps of the Russell 2000, which are seen as having less international exposure, had the week's only gains.
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