Wall Street gains as earnings beat; Turkish lira rebounds
18 August, 2018, 04:11 | Author: Mary Valdez
USA stock indexes slid on Wednesday in a broad decline over concerns of a strengthening dollar, Turkey's currency crisis and United States' trade relations with its partners.
The Dow Jones Industrial Average fell 125.44 points, or 0.5 per cent, to 25,187.7, the S&P 500 lost 11.35 points, or 0.40 per cent, to 2,821.93 and the Nasdaq Composite dropped 19.40 points, or 0.25 per cent, to 7,819.71. S&P 500 e-minis were up 8.25 points, or 0.29 percent and Nasdaq 100 e-minis were up 30 points, or 0.40 percent. The Nasdaq composite added 51.19 points, or 0.7 percent, to 7,870.89.
The gains by the lira came even as Turkish President Recep Tayyip Erdogan said Turkey would boycott U.S. electronic goods like the iPhone in retaliation for punitive sanctions from Washington, including raising duties on steel and aluminum imports.
The S&P 500 index rose 15 points, or 0.6 percent, to 2,837. The Swiss Market Index is down 60.13 points or 0.67 percent.
Wall Street fell in a day of heavy trading on Wednesday with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries.
Shares of USA lenders - Citigroup (C.N), JPMorgan (JPM.N), Wells Fargo (WFC.N), Bank of America (BAC.N), Goldman Sachs (GS.N) - rose between 0.20 percent and 1 percent. Erdogan has ruled out an interest rate hike, which can slow economic growth, but analysts say one is urgently needed to stabilize the currency. But those jitters eased somewhat later Tuesday.
"What we're seeing in emerging markets today is a repeat of what we've seen crisis after crisis for the last few decades", Hooper said. The yield on the 10-year Treasury note rose to 2.89 percent from 2.88 percent.
"The real question that comes up is if this is a start of a bear market or is this another correction in normal volatility that we're experiencing this year", said Jason Browne, chief investment strategist at FundX in San Francisco, California.
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In Save the World , there's a new Weekly Horde Challenge and a new hero - Thora the constructor machinist. Projectiles fired from the Heavy Sniper have less bullet drop in comparison to other Snipers.
In the corporate sector, VF Corp. announced that its Board intends to separate the company into two independent, publicly traded companies: VF Corporation, and a yet-to-be named company, which will hold VF's Jeans and VF Outlet businesses.
The high-flying FAANG stocks - Facebook, Apple, Amazon, Netflix and Google-parent Alphabet - fell between 0.3 percent and 3.5 percent.
The report from Home Depot, a member of Dow Jones Industrial Average .DJI, sent the shares of smaller rival Lowe's (LOW.N) higher by 1.2 percent.
Intel slid 0.5 percent after disclosing three more possible flaws in some of its microprocessors.
Wholesale gasoline picked up 1 percent to $2.03 a gallon.
Tokyo's Nikkei 225 added 2.3 percent.
The dollar rose to 111.22 yen from 110.69 yen. The streaming service's shares fell 1.3 per cent. Hong Kong's Hang Seng declined 0.7 percent while the Kospi in Seoul advanced 0.5 percent.
Legendary singer Aretha Franklin died Thursday at the age of 76 at her Detroit home following a battle with pancreatic cancer . Rhythm and blues singer Aretha Franklin performs at the inaugural gala for President Clinton in Washington on January 19, 1993.
Then he took a page from Trump's playbook in criticizing the reporters: "Whoever wrote it needs to get better sources". Several months later Trump praised the French parade, saying, "We're going to have to try and top it".
President Trump is ramping his attacks up on Turkey, claiming the country has taken advantage of the USA for many years. A Turkish court on Friday turned down another appeal to free the pastor in the third such rejection, his lawyer said.
Also, this drink could be a way to just have coffee in the morning but still have a side of nutrition. Starting today, August 14, the two new Cold Brew options can be purchased at your local coffee shop.
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Despite the political tensions, the lira rebounded 6 percent on Wednesday, strengthening to about 6.0 to the dollar. Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency.
After a trial spanning almost three weeks, Manafort, 69, is awaiting a verdict on 18 tax evasion and bank fraud charges. The prosecution could request a mistrial, but such a maneuver was very unlikely, Ohlin said.
The news of Aretha Franklin's death at the age of 76 has spurred tributes from across New York City and across the globe. She considered it a high point of the show, but attests that covering one of Franklin's songs is never easy.
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