Dollar Rises and Sends Indexes Down Sharply

Stocks started strong, then took a dive on Monday as investors got jittery over the dollar and oil prices. The euro hit a session low of $1.485 against the dollar as commodity prices reversed in mid-session.

The Dow Jones Industrial Average closed down 105 points at 9867. The Nasdaq ended down 13 at 2142 and the S&P 500 finished down 13 at 1067.

According to Thomson Reuters, 81% of the 199 S&P 500 companies that have reported results have beaten estimates. Marvell Technology Group (MRVL) shares rose after the company lifted its earnings outlook, citing better-than-forecast revenue and a tax benefit. 

Billionaire Nelson Peltz took a 4.3% stake in asset manager Legg Mason (LM) and will take a board seat in exchange for acquiring no more than 9.9% of the company.

Monday's economic calendar was light, with the Treasury selling $7 billion of five-year inflation-protected notes to kick off a busy week of debt sales.

Overseas, Asian markets ended mostly higher. South Korean shares advanced on upbeat economic data, while expectations of strong corporate earnings lifted exporters in Japan. Japan's Nikkei 225 Average climbed 0.8% to 10362.62, South Korea's Kospi rose 1% and the Shanghai Composite Index inched up 0.1%. European shares rose, with autos and chemical firms leading a broad-based advance, although ING (ING) shares declined after the firm announced a restructuring. 

Oil futures dropped on the Nymex after an early rise. As of 4:02 p.m., front-month crude futures were down 3 cents from the regular session clsoe at $78.65 a barrel.

Dow Jones Newswires contributed to this report.