Wall Street dragged down by fall out from Turkey's plunging lira
U.S. stocks dropped on Monday as global jitters from Turkey`s plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row.
Financial stocks bore the brunt of Turkey contagion fears, with shares of Citigroup Inc
A pledge by Turkey`s central bank to stabilize the plummeting lira
"The market`s all about Turkey and the continuation of the trade issues out there," said Gary Bradshaw, portfolio manager of Hodges Funds in Dallas. "The market definitely wants to go higher but we`re having some curves thrown at us along the way that have caused a few day-to-day pull-backs."
But Apple Inc
The Dow Jones Industrial Average <.dji> fell 125.44 points, or 0.5 percent, to 25,187.7, the S&P 500 <.spx> lost 11.35 points, or 0.40 percent, to 2,821.93 and the Nasdaq Composite <.ixic> dropped 19.40 points, or 0.25 percent, to 7,819.71.
The second-quarter earnings season is approaching the finish line. Of the 455 companies in the S&P 500 that have reported so far, 79 percent have beaten 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 2.09-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favoured decliners.
The S&P 500 posted 12 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 65 new highs and 111 new lows.
Volume on U.S. exchanges was 6.34 billion shares, compared with the 6.43 billion average over the last 20 trading days.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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