Dollar surges after US jobs report

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Dow Jones Industrial Average

Last Updated at 21 Feb 2018, 20:59 GMT *Chart shows local time Dow Jones intraday chart
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(Close): The dollar hit a fresh 11-and-a-half year high against a basket of currencies after US jobs data beat expectations, but stocks fell.

The US economy added 295,000 jobs last month and the unemployment rate fell to 5.5%. This has raised expectations the Fed could raise rates as soon as June.

The euro slid to $1.0849, down more than 1.6% on the day.

However, the prospect of higher interest rates hit shares, with the Dow Jones down 278.87 points at 17856.85.

The S&P 500 fell 29.78 points to 2,071.26, while the Nasdaq index dropped 55.44 points to 4,927.37.

Shares in Apple were virtually unchanged after it was announced that the tech giant is to join the Dow Jones Industrial Average.

Apple - which is largest publicly traded company in the world - will join the Dow on 18 March, replacing AT&T. Shares in AT&T fell 1.5%.

"This brings the Dow into reality and the 21st Century," Richard Sichel, from Philadelphia Trust Co, told Reuters.

"It will make the Dow a more interesting index to watch, but also more volatile since it is replacing a nice, steady old name with an interesting and exciting tech and retail company."