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

Carrie Underwood		
			Chris Pizzello  Invision

Carrie Underwood Chris Pizzello Invision

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent. The S&P 500 posted 26 new 52-week highs and three new lows; the Nasdaq Composite recorded 97 new highs and 68 new lows.

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. The pan-European FTSEurofirst 300 index of leading regional shares closed up 0.02 percent, as did the blue-chip EURO STOXX 50.

U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

At 9:50 a.m. EDT the Dow Jones Industrial Average was down 14.63 points, or 0.06 percent, at 25,569.12, the S&P 500 was unchanged at 2,857.70 and the Nasdaq Composite was up 11.39 points, or 0.14 percent, at 7,899.72.

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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.

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

Dropbox fell 6.2 percent despite a better-than-expected quarterly report.

"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors. That was a drop of 0.7 percent from Thursday's close.

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"You have banks losing because the 10-year U.S. Treasury (yield) came down".

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

Advancing issues outnumbered decliners by a 1.80-to-1 ratio on the NYSE.

Meanwhile, newly announced US sanctions against Russian Federation added to the turmoil. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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