United States stocks drop on Turkey concerns


United States stocks drop on Turkey concerns

Turkey turmoil rattles Wall Street, banks take a knock

Turkey turmoil rattles Wall Street, banks take a knock

The Russell 2000 gained 13.43 points, or 0.8 percent.

The Dow Jones Industrial Average shed 196.09 points, or 0.8 per cent, to 25,313.14.

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.

The Dow is up 593.92 points, or 2.4 percent.

The Dow slid 149.44 points, or 0.6 per cent.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

The Russell 2000 is up 155.38 points, or 10.1 per cent.

Second quarter earnings are expected to increase 23.5 percent from the same period previous year.

"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.

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. The Nasdaq Composite Index increased 3.46 points, or 0.04 percent, to 7,891.78.

The biggest drag on the S&P 500 was Booking Holdings (BKNG.O), which fell 5 percent after it forecast third-quarter profit below expectations.

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

The Nasdaq added 27.09 points, or 0.3 per cent.

China's tit-for-tat response to the Trump administration's latest round of tariffs dragged down shares of trade-sensitive stocks such as Caterpillar and Boeing.

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. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.