Meanwhile, Apple (AAPL) has been lifted by soaring iPhone sales. CEO Steve Jobs said its customers would remain loyal through a recession.
The U.S. dollar has surged ahead today to new multi-year highs after concerns about ailing global economies and expectations that central banks will cut their interest rates, reports Erin Conroy for the Associated Press. Oil has hit 16-month lows, down to $66.75 a barrel, its lowest price since June 13, 2007. OPEC will meet on Friday and has hinted that it may cut production.
As a result of the concerns, investors are holding tight to their Treasury bills, says Madlen Read for the Associated Press. The iShares Lehman 1-3 Year Treasury Bond (SHY) is up slightly today, and up 4.6% year-to-date.