Friday, 19 October, 2018

Turkey turmoil rattles Wall Street, banks take a knock

Turkey Situation Could Change Fed’s Mind About Rates Turkey turmoil rattles Wall Street, banks take a knock
Priscilla Morrison | 12 August, 2018, 14:56

Global stocks fell Friday, the euro declined and investors moved into the dollar amid fears that ongoing financial instability in Turkey will impact other markets.

Investors fled to safe-haven assets, with the dollar rising to a 13-month high and US bond yields slipping to a three-week low. The DXY dollar index stood 0.5% higher Friday.

"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 Dow Jones Small-Cap Value TSM Index closed at 10,541.31 for a loss of -48.08 points or -0.45%.

Chip stocks fell after Morgan Stanley downgraded the US semiconductor industry saying upside to estimates is hard to come by.

The S&P financial index fell 1.4 percent, among the biggest drags on the S&P 500.

The S&P 500 is up 179.97 points, or 6.7 per cent.

The geopolitical turmoil in Turkey is certainly making waves across the global economies, particularly in the United States where the Dow Jones Industrial Average fell over 200 points today.

For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent.

More news: Man United kick off Premier League season with win

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

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

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

Tesla shares ended up 0.9 per cent.

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 82 new highs and 88 new lows.

The Consumer Price Index reported an annual increase of 2.9%.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.

About 6.7 billion shares changing hands on USA exchanges.

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