Wall Street opens lower amid US-Turkey turmoil

Markets 8/10/2018, 3:31 PM
Wall Street opens lower amid US-Turkey turmoil

Equities on Wall Street started the session on Friday in the red as the diplomatic row between the United States and Turkey took a turn for the worse. US President Donald Trump announced he is doubling tariffs on Turkish steel and aluminum. Meanwhile, the Turkish lira plunged 17%, hitting a new record low against the dollar. Earlier, Turkish President Tayyip Erdogan called the public in the country to exchange gold and dollars for lira, adding that Ankara will retaliate with equal measures on any country that decides to wage an economic war on Turkey.

The Dow Jones Industrial Average lost 0.52% in the first moments of trading as Intel tumbled 2.53%. The S&P 500 fell 0.61% with Microchip Technology plunging over 10% following the release of the company's earnings report. The Nasdaq 100 declined 0.76%; the losses were led by Vodafone, Mercado Libre, and Analog Devices.

The euro fell 0.90% against the dollar at 3:49 pm CET, buying 1.14236.

Breaking the News / JC


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