Wall Street gains as earnings beat; Turkish lira rebounds

18 August, 2018, 04:11 | Author: Mary Valdez
  • Dow Jones Industrial Average Outlook

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.

Substance in dug up Egyptian jar 'most ancient' cheese
Ptahmes was Mayor of Memphis and high-ranking official under the Pharaohs Sethi I and Ramses II (1290-1213 BC) of the XIX dynasty. The cheese was found wrapped with canvas inside a broken jar.

Pentagon hypes China threat amid renewed strategic competition
The Trump administration is also mulling a Space Force in order to counter threats in space from countries including China.

When is the update today? Is Fortnite down today?
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.

Recommended:



Popular

Scarlett Johansson is highest paid actress for 2018
Angelina Jolie follows behind with $28 million, due to her contract for the upcoming sequel, Maleficient II . This year, only two women broached the $20 million mark, down from three in 2017 and four in 2016.

Salah on target as Liverpool start with easy win
West Ham's manager, Manuel Pellegrini , has poured cold water on the rumours linking him with a move for free agent Yaya Toure . The pitch has the same measurements. "It has all the dimensions on the pitch, the grass is in good shape", Pellegrini said.

Green Bay Packers vs Pittsburgh Steelers
Roethlisberger echoed those sentiments past year , saying , "You can replace a lot of body parts, but you can't replace a brain". On the next play, he stood tall in the face of a rush before throwing a high pass into the middle of the end zone for Graham.

Pakistani lawmakers elect Imran Khan as new PM
Khan will take oath as Pakistan's 22nd Prime Minister at President House, Islamabad. National Assembly speaker Asad Qaiser said Khan had secured 176 votes.

Blistering First Trailer For Star Wars Resistance Takes Flight
Announced back in April , Star Wars Resistance is a new anime-inspired animated series that will air on Disney Channel this fall. My grandfather was a pilot and my uncle flew and restored planes, so that's been a big influence on me.

NYU offers free tuition for all its medical students
At the same time, all current NYU medical students received emails saying the school is offering them full-ride scholarships too. The estimated yearly tuition costs for each student covered by the scholarship are $55,018, according to the school.

Sergio Ramos directs broadside at Liverpool boss Jürgen Klopp
Jurgen Klopp has revealed summer signing Fabinho could be utilised as an auxiliary centre-half this season after he all but confirmed the departure of Ragner Klavan.

From Kargil win to Pokhran tests: Highlights of Vajpayee's tenure as PM
He was reelected for prime minister-ship in March 1998, where he remained in the office until May 13, 2004. VVS Laxman said, "One of India's Most Loved Prime Minister, a great poet and a wonderful statesman".

Danny Cipriani Pleads Guilty To Two Charges After Nightclub Incident
He said: "The incident in question was over in a matter of seconds and was a reaction to the conduct of other parties involved". Two further charges, larceny and being disorderly on licensed premises, were dropped and the court case lasted just 13 minutes.

Prosecution rests case against Paul Manafort
The closed hearing came after the judge delayed Manafort's trial for hours last Friday without explanation. When asked by prosecutors why the loan received a 4 rating, Brennan said it was because of "Mr.