The markets opened sharply lower after the Dollar surged on continued worry over lack of Ben Bernanke mentioning QE3. In addition, the IEA and the U.S. government released oil from the strategic reserves. This sent oil tumbling 5% in early trading. When oil drops, the markets drop. This happens because Chevron and Exxon are key components of the Dow Jones Industrial Average. Both stocks have been crushed today.
