Thursday, 23 May, 2019

Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

Carrie Underwood		
			Chris Pizzello  Invision Carrie Underwood Chris Pizzello Invision
Ginger Lawrence | 12 August, 2018, 14:56

The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%.

Aug 10 (Reuters) - The Dow Jones Industrial Average fell more than 200 points on Friday amid a widespread selloff in global stocks as the Turkish lira tumbled due to concerns over the country's economy and a deepening rift with the United States.

Rite Aid (RAD.N) fell 11.5 percent after the drug store chain and US grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

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

The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

Meanwhile, in the USA, the dollar strengthened, gaining 0.68%.

Investors fled to safe-haven assets, pushing the dollar higher and weighing on US bond yields.

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"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.

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.

At 12:28 a.m. EDT the Dow Jones Industrial Average was down 61.82 points, or 0.24 percent, at 25,567.09, the S&P 500 was down 2.30 points, or 0.08 percent, at 2,856.15 and the Nasdaq Composite was down 4.03 points, or 0.05 percent, at 7,879.64.

The Dow is up 790.01 points, or 3.2 per cent.

The Nasdaq added 27.09 points, or 0.3 percent.

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

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. The tech-heavy NASDAQ was also 0.6 percent lower, ending at 7,839.