Turkey woes see Wall Street end week on sour note

Carrie Underwood		
			Chris Pizzello  Invision

On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

Investors were anxious about the financial stability of Turkey, and how it might affect the global financial system.

The Russell 2000 is up 17.52 points, or 1 per cent.

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.

Want to know why the Dow Jones Industrial Average is doing what it's doing?

MSCI's all-country world stock index, rose 0.02 percent.

Shares of Apple rose 0.8 percent, while those of Amazon AMZN.O were up 0.6 percent.

For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

Turkish lira continues downward spiral, hits new record low
He said that the decision "demonstrates that the USA is not behaving rationally and is not showing patience when it is needed". The currency dropped as much as 18 percent at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

The slide followed a tweet from US President Donald Trump announcing he was doubling US tariffs on Turkish steel and aluminium. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors.

The S&P 500 opened lower by 13.94 points, or 0.49 per cent, at 2,839.64. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

Shares in leading United States banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

Intel dropped 2.6 percent after Goldman Sachs downgraded the stock to "sell".

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

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.

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