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The dollar might be breaking out and that could be bad news for stocks

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The Dollar Index is bucking up against 2-year highs in a run-up that has some strategists wondering if it could be ready to break out.

div > div.group > p:first-child"> If that's the case, stock market strategists say it could start to negatively impact stock prices and threaten earnings gains.

Dollar/yen hit a new high for the year of 112.40 Thursday, but then fell back below 112. Chandler said the dollar also reached its high for the year against the euro. The euro was at $1.128 to the dollar late Thursday. To stop the dollar's rise against the euro, Chandler said there would need to be real signs that Germany is past the worst and its manufacturing sector is picking back up.

Christopher said if the dollar did continue to gain, it would bite into profits and hit stock prices. However, he expects the greenback will ultimately be lower this year against both the euro and yen though it could see strength in the next couple months.

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