Wall Street falls amid Turkey woes; banks, tech decline
U.S. stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.
A drop in technology shares added to the bearish tone. The S&P technology index <.splrct> fell 1 percent, with Intel
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A slump in the Turkish lira
Investors fled to safe-haven assets, pushing the dollar <.dxy> higher and weighing on U.S. bond yields
"It was a classic risk-off move," said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. "You worry about the collateral damage. You worry about the effects on Europe. You have banks losing because the 10-year U.S. Treasury came down."
The S&P financial index <.spsy> fell 1.4 percent, among the biggest drags on the S&P 500. Citigroup
At 2:47 p.m. (1847 GMT), the Dow Jones Industrial Average <.dji> was down 270.25 points, or 1.06 percent, to 25,238.98, the S&P 500 <.spx> had lost 25.21 points, or 0.88 percent, to 2,828.37 and the Nasdaq Composite <.ixic> had dropped 65.17 points, or 0.83 percent, to 7,826.61.
Shares of trade-sensitive companies also declined, including Boeing
Data on Friday showed U.S. consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.
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.
The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 82 new highs and 88 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)