Published: Sun, August 12, 2018
Money | By Ralph Mccoy

Turkey turmoil spills over to Wall Street, shaves 200 points off Dow

Turkey turmoil spills over to Wall Street, shaves 200 points off Dow

The Russell 2000 gained 13.43 points, or 0.8 per cent.

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. 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".

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

The Dow slid 149.44 points, or 0.6 percent.

The Russell 2000 index of smaller-company stocks picked up 4.01 points, or 0.2 per cent, to 1,690.89.

Leading the index were Pretium Resources Inc., up 19.4 per cent, Enerflex Ltd., up 9.4 per cent, and Ritchie Bros.

Investors fled to safe-haven assets, with the dollar rising to a 13-month high and USA bond yields slipping to a three-week low.

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But all three ended the day in the red: the Dow fell 196.09 points (0.77 per cent) to 25,313.14 while the S&P and Nasdaq shed 20.30 points (0.71 per cent) and 52.67 points (0.67 per cent) respectively to finish at 2,833.28 and 7,839.11.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

S&P technology sector's 0.5 percent fall was led by chipmakers.

Shares of Bank of America, JP Morgan and Wells Fargo rose between 0.6 percent and 0.9 percent, lifting the sector.

Microchip's shares fell 10.5 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue.

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

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