S&P 500, Dow slip as Turkey's currency woes spread
The S&P 500 and the Dow industrials fell on Monday as a global contagion of market jitters arising from the plunge of Turkey`s currency spread to Wall Street, while the Nasdaq edged higher on gains from tech stocks.
Financial stocks bore the brunt of the concerns over Turkey, with shares of Citigroup Inc
The S&P 500 and the Dow were both on track for their fourth consecutive daily decline.
A pledge by Turkey`s central bank to stabilise the falling lira
"People are starting to pay attention to the problems facing emerging markets," said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia. "When you have so many countries around world with trade actions, it`s really easy to draw conclusions that this could be much bigger than just a Turkey-related story."
Technology was one of the few bright spots, up 0.3 percent, the most among the 11 major S&P 500 sectors.
The Dow Jones Industrial Average <.dji> fell 58.97 points, or 0.23 percent, to 25,254.17, the S&P 500 <.spx> dropped 2.89 points, or 0.10 percent, to 2,830.39 and the Nasdaq Composite <.ixic> added 6.26 points, or 0.08 percent, to 7,845.37.
The second-quarter earnings season is nearing conclusion. So far, 455 companies in the S&P 500 have reported, with 79 percent beating analysts` estimates, according to Thomson Reuters I/B/E/S.
The CBOE Volatility Index <.vix>, a gauge of investor anxiety, rose for the third straight session to its highest in more than a month.
Motorcycle maker Harley-Davidson Inc
Rite Aid Corp
Among gainers, Tesla Inc
Declining issues outnumbered advancing ones on the NYSE by a 2.11-to-1 ratio; on the Nasdaq, a 1.80-to-1 ratio favoured decliners.
The S&P 500 posted 12 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 58 new highs and 103 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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