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Wall St. Falls Amid Turkey Woes; Banks, Tech Decline

12 August 2018, 04:12 | Austin Hogan

Wall St. Falls Amid Turkey Woes; Banks, Tech Decline

Dow Jones Industrial Average fall on weak energy stocks

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 Nasdaq is up 79.77 points, or 1 per cent.

The Russell 2000 index of smaller-company stocks fell 4.08 points, or 0.2 per cent, to 1,686.80.

A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country.

"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note. You worry about the effects on Europe.

The S&P 500 is up 179.97 points, or 6.7 per cent. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

But all three ended the day in the red: the Dow fell 196.09 points (0.77 per cent) to 25,313.14 while the S&P and Nasdaq shed 20.30 points (0.71 per cent) and 52.67 points (0.67 per cent) respectively to finish at 2,833.28 and 7,839.11.

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The S&P 500 is up 13.23 points, or 0.5 percent.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Tesla Inc's TSLA.O shares also fell to a two-day low and wiped out all of the gains fueled by Chief Executive Elon Musk's recent tweet announcing a plan to take the company private.

Economic data showing United States consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.

The tech-heavy index was up 0.33 percent at 7,914.22, a quarter of a percent away from hitting an all-time high.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

Oil prices were down slightly as the escalating China-U.S. trade dispute cast doubt on the outlook for crude demand.



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