US stocks closed mixed amid data, earnings

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

Andrew Kelly Reuters

The Nasdaq composite declined 52.67 points, or 0.7 per cent, to 7,839.11.

Global stocks fell Friday, the euro declined and investors moved into the dollar amid fears that ongoing financial instability in Turkey will impact other markets.

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.

The Dow Jones Industrial Average fell 69.30 points, or 0.27%, to 25,514.45, the S&P 500 erased 3.57 points, or 0.12%, to 2,854.13 and the Nasdaq Composite gained 5.03 points, or 0.06%, to 7,893.35.

The benchmark Dow Jones Industrial Average and broader S&P 500 finished the week at a loss while the tech-heavy Nasdaq posted a slender gain.

The Dow is up 790.01 points, or 3.2 percent.

The Nasdaq added 27.09 points, or 0.3 per cent.

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.

At the heart of the crisis was a slump in the Turkish lira, which worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.

"Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters.

The S&P 500 is up 13.23 points, or 0.5 percent.

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

Brent crude futures fell 8 cents to $72.20 a barrel and USA crude futures were down 2 cents at $66.92 a barrel.

Shares in leading U.S. banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

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

About 6.7 billion shares changing hands on US exchanges.

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