Wall Street ends lower as Turkey woes hit banks

Irving Hamilton
August 12, 2018

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

The Dow is up 46.65 points, or 0.2 per cent. The S&P 500 closed at 2,833.28 for a loss of -20.30 points or -0.71%.

Citigroup, the most global of the major USA banks, fell 2.3 percent.

The Dow slid 149.44 points, or 0.6 per cent.

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.

The Russell 2000 is up 151.29 points, or 9.9 per cent. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

The euro was down 0.5% to $1.1463 and the dollar hit a one-year high as investors looked for safe assets, before falling slightly.

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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 S&P financial index fell 1.2 per cent, among the biggest drags on the S&P 500. Nasdaq Composite futures have dropped 0.6%.

Meanwhile, concerns over escalating trade conflict between the US and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

The Dow Jones Industrial Average fell 69.30 points, or 0.27%, to 25,514.45, the S&P 500 erased 3.57 points, or 0.12%, to 2,854.13 and the Nasdaq Composite gained 5.03 points, or 0.06%, to 7,893.35.

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 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

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