Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

The Nasdaq Composite dropped 57.07 points, or 0.72 per cent, to 7,834.71 at the opening bell.

Stocks in the US and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system.

The Russell 2000 gained 13.43 points, or 0.8 percent.

At 12:41 p.m. ET, the Dow Jones Industrial Average was down 175.04 points, or 0.69 percent, at 25,334.19, the S&P 500 was down 14.98 points, or 0.52 percent, at 2,838.60 and the Nasdaq Composite was down 27.87 points, or 0.35 percent, at 7,863.91. The S&P 500 was down 4.12 points, or 0.14 percent, to 2,853.58.

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.

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent. Occidental Petroleum OXY.N fell 4.2 percent after it maintained a tepid production forecast for the year.

The Nasdaq is up 79.77 points, or 1 per cent.

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

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

Brent crude futures fell 8 cents to $72.20 a barrel and USA crude futures were down 2 cents at $66.92 a barrel.

The S&P 500 closed at 2,833.28 for a loss of -20.30 points or -0.71%. 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.

Citigroup, the most global of the major US banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

The Dow is up 593.92 points, or 2.4 percent. Tech shares also fell as Facebook, Alphabet and Amazon all declined.

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

  • Darren Santiago