Markets

Wall Street falls amid Turkey woes; banks, tech decline

Wall Street falls amid Turkey woes; banks, tech decline

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.

U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

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

At 10:53 a.m. EDT the Dow Jones Industrial Average .DJI was up 3.07 points, or 0.01 percent, at 25,586.82, the S&P 500 .SPX was up 3.00 points, or 0.10 percent, at 2,860.70 and the Nasdaq Composite .IXIC was up 24.70 points, or 0.31 percent, at 7,913.03.

The Dow is up 46.65 points, or 0.2 percent.

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

The Dow slid 149.44 points, or 0.6 percent.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.




A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country.

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

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. "You have banks losing because the 10-year U.S. Treasury 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.

Shares in trade-sensitive companies fell.

Declining issues outnumbered advancers for a 2.34-to-1 ratio on the NYSE.

Oil prices were down slightly as the escalating China-U.S. trade dispute cast doubt on the outlook for crude demand. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.