Strong Dollar Hits General Motors, P&G, 3M; Stocks Slide

Another earnings bonanza was highlighting the effect of a stronger dollar on Thursday. General Motors (GM) saw revenue fall nearly 5% as sales in South America, Europe and Russia took a hit on currency exchange. The carmaker said revenue was reduced by nearly $2 billion due to the dollar. Procter & Gamble (PG) saw similar issues with revenue down just under 8%. The owner of brands Tide and Bounty said it expects full-year sales to decline 5% to 6% on currency headwinds. Multinational company 3M (MMM) reported a sales decline of more than 3% and cut 2015 earnings guidance as management expects currency challenges to persist.