Global Stocks Drop Amid Concerns About Turkey

Carrie Underwood		
			Chris Pizzello  Invision

Carrie Underwood Chris Pizzello Invision

The S&P 500 was down 4.12 points, or 0.14 percent, to 2,853.58.

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.

Rite Aid fell 10.9 percent after the drug store chain and USA grocer Albertsons Cos agreed to terminate their merger agreement.

The Dow slid 149.44 points, or 0.6 per cent.

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

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

Investors fled to safe-haven assets, pushing the dollar to a 13-month high and weighing on USA bond yields that slipped to a three-week low.

"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.

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Crude oil prices tumbled more than 3.5 percent on slowing Chinese demand and trade issues, leading to a 1.29 percent drop in the energy sector, which was also the biggest drag on the S&P.

Shares in trade-sensitive companies fell.

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.

For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

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With the currency diving, Trump authorized higher tariffs on Turkish imports on aluminum and steel of 20% and 50% respectively. A Turkish man waits to change his USA dollars with Turkish liras inside a currency exchange shop in Ankara, Aug. 10, 2018.

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

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