Turkey turmoil spills over to Wall St, shaves 200 pts off Dow

12 August, 2018, 16:13 | Author: Billie Castillo
  • Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

The Nasdaq Composite dropped 57.07 points, or 0.72 per cent, to 7,834.71 at the opening bell.

US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets.

The Russell 2000 gained 13.43 points, or 0.8 percent.

At 10:53 a.m. EDT the Dow Jones Industrial Average .DJI was up 3.07 points, or 0.01 percent, at 25,586.82, the S&P 500 .SPX was up 3.00 points, or 0.10 percent, at 2,860.70 and the Nasdaq Composite .IXIC was up 24.70 points, or 0.31 percent, at 7,913.03.

The Russell 2000 index of smaller-company stocks picked up 4.01 points, or 0.2 percent, to 1,690.89.

Shares of Apple rose 1 percent, while those of Amazon were up 0.5 percent and Microsoft 0.3 percent.

Second quarter earnings are expected to increase 23.5 percent from the same period previous year.

President Donald Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies.

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"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

JPMorgan, Wells Fargo and Bank of America fell more than 1 percent, weighing the most on the benchmark S&P 500.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

The Dow and the S&P 500 were little changed, while the Nasdaq was firmly higher, propped up by the high-flying technology trio of Apple, Amazon and Microsoft.

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry, saying upside to estimates is hard to come by.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers.

About 5.9 billion shares changed hands on US exchanges. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

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