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.

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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.



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