Wall Street ends lower as Turkey woes hit banks

Traders work on the floor of the New York Stock Exchange in New York U.S

The Dow Jones Industrial Average fell by 222 points, or 0.9%, at 25,286, the S&P 500 index fell 0.7% at 2,833, while the Nasdaq Composite Index dropped 0.8% at 7,831.

The Turkish lira briefly dropped almost 20 percent against the dollar after US President Donald Trump tweeted that he has authorized the doubling of tariffs on steel and aluminum imports from Turkey.

"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.

While the geopolitical issues in Turkey were ravaging the U.S. capital markets the Turkish lira continued to devalue as U.S. President Donald Trump ratcheted up tariffs on aluminum and steel amid growing dissention between the two countries.Turkish President Recep Tayyip Erdogan went as far as asking citizens to convert their dollars and other foreign currencies, including gold to Turkish lira. "You have banks losing because the 10-year U.S. Treasury came down".

Data on Friday showed US consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures. The S&P 500 closed at 2,833.28 for a loss of -20.30 points or -0.71%.

The Nasdaq is up 79.77 points, or 1 per cent.

The biggest drag on the S&P 500 was Booking Holdings (BKNG.O), which fell 5 percent after it forecast third-quarter profit below expectations.

'Suicidal' man steals and crashes empty plane from Seattle airport
Only the unidentified pilot was on the plane, according to authorities. "Nah, I mean, I don't need that much help". Ferry traffic to and from Ketron Island was limited to investigators and emergency responders this morning.

For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1.4 percent.

Tesla shares were down 2.4 percent, following a steep rise a day earlier on Chief Executive Officer Elon Musk's plan to take the company private.

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

The Nasdaq composite rose 3.46 points to 7,891.78.

About 6.7 billion shares changing hands on US exchanges.

Related:

Comments

Latest news

Jarrod Lyle Dead - Pro Golfer Passes Away at 36
His family announced in late July that he had opted not to seek further treatment and would receive palliative care at home. The 12-time US Tour victor has only bettered Thursday's driving display once, during the 2006 Barracuda Championship.

Torchlight Frontiers Bringing Back ARPG Series
Details about the game are scarce at the moment, but it will continue to exist in the same universe as its predecessors. While there are few details about Torchlight Frontiers at the moment, we do know there will be a beta.

Mourinho's tactics get Man United off to the ideal start
I think one defensive mistake and probably the linesman could help him and give a free-kick against Leicester. For me, it was a dream come true.

Pep Guardiola expects Manchester City to face tougher title race
Emery has faced Guardiola on 10 occasions in the past and has failed to win one game , losing six and drawing the other four. Thus, he is definitely a huge threat for the Manchester City defence, likely to be led by English worldwide John Stones.

UMd. head coach placed on leave
August 3, 2018: Practice officially starts and, according to sources, the culture of bullying, led by Court, continues. Court had been in the same position at Mississippi State prior to being hired at Maryland .

Authorities probe how airline employee could steal plane
He flew it for an hour, followed by two armed F-15 jets from OR that the military scrambled , before he crashed. Pastor said at the press conference that there was no sign that it was a terrorist attack.

Rogers Cup: Sloane Stephens too strong for Svitolina
Making the finals here is incredible. "She's the world No1 for a reason but I'm just going to go out there and try to get her". The Ukrainian even got a service break to close the gap to 5-3, but Stephens broke right back to take the set.

Jurgen Klopp: Liverpool will go again after Champions League final loss
Klopp has not considered offering his Egypt forward advice on how to repeat those record-breaking exploits. We want to be, it's clear for ages, champions of England.

Chelsea give Sarri flawless Premier League start at Huddersfield
One of the reasons why Chelsea splurged quite so much money was the goalkeeper's ability with his feet. It depends on the characteristics of the Premier League and of my players. "I don't know.

Mourinho Labels Manchester United Midfield General As "Monster"!
Nuno Espirito Santo hailed the character of his Wolves team after they battled back to draw with Everton . In football you need time to work and players on the pitch to work and we didn't have that until now.

World Bank Taps Australia's CommBank to Issue Its First Blockchain Bond
An independent review of the CBA blockchain platform's architecture, security and resilience was conducted by Microsoft . A woman walks past a Commonwealth Bank of Australia logo and ATM in Sydney, Australia, February 7, 2018.

Paul Pogba Appointed Manchester United's Captain By Jose Mourinho
He added: "The thinking is he is a very good penalty taker and likes the responsibility of it and he is first choice". Claude Puel, the visiting manager, said: "It was a shame to concede this goal at the beginning of the game.

Harry Kane's Premier League Record In The Month Of August Is Shocking
Diame was unfortunate not to level within two minutes of the restart when his stinging left-foot shot came back off the post. Alli's goal marked the second season in a row in which the midfielder has scored in the opening game.

Anderson`s fifer knocks India out for 107 in Lord`s Test
But it was new-ball partner Mohammed Shami who made the breakthrough when Keaton Jennings (11) was lbw playing across the line. But Kuldeep rarely troubled Bairstow, who cover-drove him for four to complete a 76-ball fifty featuring seven boundaries.

Man steals aircraft from Seattle airport, fighter jet scrambled
Royal King told The Seattle Times he was photographing a wedding when he saw the low-flying turboprop being chased by to F-15s. No passengers were onboard during the incident and normal operations have resumed at the airfield, the airport said on Twitter.

Other news