Monday, 20 August, 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.

‘Rally for Justice’ demands justice against white supremacy
White nationalists arrived in Charlottesville to demonstrate against the removal of a statue of Confederate icon Robert E. The Spectrum News DC bureau will be covering the Unite the Right rally Sunday, as well as the counter-protests.

Sarri hails players after Chelsea victory
However, they will certainly need to be more clinical and penetrative if they are to build on last season's fine work. We did it better in the second, but in the second, there was more space and time.

Ailing young orca J-50 gets novel medical treatment at sea
The behaviour often involved one or more individuals attending to the deceased. I can't believe she is still carrying her calf around", Ms Giles said.

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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