Following Friday's Federal Reserve strong monthly employment report, the stock market today fell below 10,000 for the first time since December as investors speculate that a rise in interest rates is imminent. Asian and
European markets were down and overseas the dollar rose sharply higher. Financial stocks were most negatively affected by the possibility of higher interest rates as oil related stocks, reflecting positive
developments, were active due to lower oil prices after 13 years of highs.
See "Rate fears sink stocks: Market suffers big selloff as investors worry about how rising rates will hit earnings, valuations.", The Wall Street Journal, May 9, 2004