Tuesday, 20 November, 2018

Turkey turmoil spills over to Wall St, shaves 200 pts off Dow

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns Andrew Kelly Reuters
Russell Knight | 12 August, 2018, 14:59

The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%.

The S&P 500 opened lower by 13.94 points, or 0.49 per cent, at 2,839.64.

Rite Aid (RAD.N) fell 11.5 percent after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

The Dow Jones Small-Cap Value TSM Index closed at 10,541.31 for a loss of -48.08 points or -0.45%.

The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell". Occidental Petroleum (OXY.N) fell 4.2 percent after it maintained a tepid production forecast for the year.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

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.

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

Family of man who stole, crashed plane in 'complete shock'
Royal King told The Seattle Times he was photographing a wedding when he saw the low-flying turboprop being chased by to F-15s. A ground service agent's tasks don't involve touching planes' controls, CNN aviation analyst Mary Schiavo said.

Turkey's Erdogan condemns 'shameful' USA over detained pastor
But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency. The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

What To Expect From News Corp's Fiscal 2019
Bloomberg LP, the parent of Bloomberg News, competes with News Corp .in providing financial news and services. Fox is now undergoing another breakup, with a plan to sell most of its TV and film assets to Walt Disney Co.

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

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

At 2:47 p.m. (1847 GMT), the Dow Jones Industrial Average was down 270.25 points, or 1.06 percent, to 25,238.98, the S&P 500 had lost 25.21 points, or 0.88 percent, to 2,828.37 and the Nasdaq Composite had dropped 65.17 points, or 0.83 percent, to 7,826.61.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

The Dow is up 790.01 points, or 3.2 per cent.

Tech shares also fell as Facebook, Alphabet and Amazon all declined.

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.

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