Wall Street tumbles as strong dollar strikes again

NEW YORK -The stock market had its worst day in three weeks on Tuesday as traders worried about Greece's debt problems and a surge in the value of the U.S. dollar. Also contributing to Wall Street's broad drop was soft demand for durable goods last month. A rising dollar pushed down energy prices, and, in turn, oil and gas stocks.

The Dow Jones industrial average dropped 190 points, or 1 percent, to close at 18,041. The Standard & Poor's 500 index gave up 21 points, also 1 percent, ending at 2,104. The Nasdaq composite declined 56 points, or 1.1 percent, to finish at 5,032.

The sell-off was broad. Four stocks fell for every one that rose on the New York Stock Exchange. Only 32 stocks in the S&P 500 were higher. Energy stocks fell more than the rest of the market Tuesday as the price of crude oil slumped. Transocean (RIG) and Allegheny Technologies (ATI) each fell around 4 percent.

Time Warner Cable rose after agreeing to be acquired by Charter Communications for $55 billion. Time Warner Cable (TWC) rose $12.42, or 7.3 percent, to close at $183.60. Charter (CHTR) rose $4.45, or 2.5 percent, to end at $179.78.

Orders to U.S. factories for long-lasting manufactured goods fell slightly in April. Total orders for durable goods slipped 0.5 percent from March, when orders had surged 5.1 percent.

Oil and gas stocks were among the biggest decliners as the price of oil fell sharply. Benchmark U.S. oil dropped $1.78, or 3 percent, to $57.94 per barrel on the New York Mercantile Exchange. The contract shed $1 on Friday to $59.72.

Worries persist that Greece might miss an IMF repayment on June 5 if it fails to receive bailout funds from creditors demanding it make new reforms to its economy. Talks to reach a deal resumed Tuesday after a weekend break, but it is unclear whether an agreement can be reached in time.

Greek stocks rose 1.1 percent. Germany's DAX fell 1.6 percent, France's CAC-40 index fell 0.7 percent and the U.K.'s FTSE 100 lost 1.2 percent. Greek government bond prices fell, pushing yields higher. The yield on Greece's 10-year bond rose to 11.68 percent from 11.26 percent.

"There will be a couple of dominant themes with Greece developments remaining at the forefront while political developments in Spain also deserve some attention," market strategist Stan Shamu of IG said in commentary.

U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.15 percent from 2.22 percent late Friday. The dollar rose sharply against the Japanese currency, increasing to 122.97 yen from 121.55 yen. The euro fell to $1.0879 from $1.0980.

The Bank of Japan, like the European Central Bank, is undergoing a bond-buying program to help push down interest rates. The yen is down 3 percent this year and is trading at multi-year lows to the dollar.