Strong dollar, rate concerns sink stocks

The negative impact of a strong dollar on corporate earnings along with concerns about a rate hike sent the markets into a free fall with the Dow collapsing 332 points to 17,662. Nasdaq crashed 82 points to 4,859.

On the upside

Speculation that Acadia Pharmaceuticals (Nasdaq: ACAD) may be acquired lifted shares of the biopharmaceutical.

Shares of Pinnacle Entertainment (NYSE: PNK) continued rising.

Quiksilver (NYSE: ZQK) shareholder Ryan Drexler made a second request that the company sell itself.

On the downside

Jefferies downgraded AcelRx Pharmaceuticals (Nasdaq: ACRX) from a Buy rating to a Hold rating and slashed its price target from $12 to $6.

Second quarter earnings slipped for IDT (NYSE: IDT) as revenue fell.

Barnes & Noble (NYSE: BKS) reported higher third quarter earnings but the results fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 plunged 35 points to 2044. Bitcoin added $4 to $292.

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