There's something behind this market sell-off that no one is talking about: The strong dollar

Stocks investors are spooked about a lot of things, and the strong dollar biting into earnings growth is now one of them.

The dollar index, which measures the greenback versus a basket of other currencies, jumped 0.7 percent on Monday to 97.58, a 17-month high. As the dollar rose, the Dow Jones Industrial Average lost 602 points to 25,387, and the S&P 500 was down nearly 2 percent to 2,726.

The dollar's strength Monday was largely attributed to weakness in the British pound and euro because of negative Brexit news and concerns about Italy's budget. But the dollar has also been rising on trade war concerns, rising U.S. interest rates and weaker growth rates outside the U.S.

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