Markets Right Now: Turkish turmoil sends US stocks lower

Richard Deviccaro, Joseph Dente Photo: AP
Richard Deviccaro, Joseph Dente

August 10, 2018 03:21 PM

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

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Stocks in the U.S. and Europe skidded as investors worried about the financial stability of Turkey and how it might affect the global financial system.

Investors sold stocks and bought U.S. dollars and government bonds Friday.

That sent bond yields lower, which hurts U.S. banks by driving down rates on mortgages and other loans. JPMorgan Chase lost 1 percent.

The dollar also rose against other currencies as the Turkish lira nosedived.

Major exporters like technology, basic materials and industrial companies sank.

The S&P 500 index fell 20 points, or 0.7 percent, to 2,833.

The Dow Jones Industrial Average fell 196 points, or 0.8 percent, 25,313. The Nasdaq composite fell 52 points, or 0.7 percent, to 7,839.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent.

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11:45 a.m.

Stocks are moving lower in midday on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency.

The dollar and bond prices rose Friday as investors shifted money into lower-risk assets.

U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1 percent.

Online storage company Dropbox sank 7.5 percent after its chief operating officer left.

The S&P 500 index fell 13 points, or 0.5 percent, to 2,839.

The Dow Jones Industrial Average fell 166 points, or 0.6 percent, 25,342. The Nasdaq composite fell 32 points, or 0.4 percent, to 7,859.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent.

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9:35 a.m.

Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency.

The dollar and bond prices rose in early trading Friday as investors shifted money into lower-risk assets.

U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1.5 percent.

Online storage company Dropbox sank 9.1 percent after its chief operating officer left.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,837.

The Dow Jones Industrial Average fell 180 points, or 0.7 percent, 25,324. The Nasdaq composite fell 40 points, or 0.5 percent, to 7,849.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.89 percent.

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(Copyright 2018 by The Associated Press. All Rights Reserved.)

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