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Turkey turmoil rattles Wall Street, banks take a knock

12 August 2018

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

Want to know why the Dow Jones Industrial Average is doing what it's doing?

The S&P 500 lost 7.07 points, or 0.2 percent.

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

S&P technology sector's 0.42 percent fall was led by chipmakers.

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

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

As the second-quarter earnings season winds down, the estimate for profit growth of S&P companies in the second quarter has risen to 24.1 percent, higher than 20.7 percent at the start of July, according to Thomson Reuters I/B/E/S.

Imran Khan swearing in on Aug 18
Khan retired from worldwide cricket after captaining the national team to glory in the 1992 World Cup in Down Under. He also expressed concern over alleged human rights violations in the Valley, Pakistani media reported.

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.

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.

Leading sector declines was the S&P energy index.SPNY, which fell 0.9 percent. 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.

The S&P 500 is up 159.67 points, or 6 per cent.

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

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

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

Turkey turmoil rattles Wall Street, banks take a knock