Turkey woes see Wall Street end week on sour note

Turkey woes see Wall Street end week on sour note

Stocks in the US and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system. The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell".

"When we see the earnings growth in 2018, the multiples are reasonable at that record level", said Art Hogan, chief market strategist at B. Riley FBR in NY.

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 Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

Walt Disney fell 1.6 percent after its quarterly profit missed estimates as new technology costs rose. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

More news: Arsenal v Manchester City

Crude oil prices failed to make a decisive recovery on Thursday even though the USA sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower.

Entering Thursday's session, the S&P 500 was just half a percent away from reaching 2872.87, a record high set on January 26.

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

Tesla had closed up 11 percent on Tuesday after Chief Executive Elon Musk said he was considering taking the company private.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers. The tech-heavy NASDAQ was also 0.6 percent lower, ending at 7,839. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

Related Articles