United States stocks drop on Turkey concerns

Turkish lira update market drop

Turkish lira update market drop

On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

USA stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The Russell 2000 gained 13.43 points, or 0.8 percent.

The S&P 500 fell 0.7 percent to close at 2,833.28 as financials and materials lagged. Nasdaq Composite futures have dropped 0.6%.

Aug 10 (Reuters) - The Dow Jones Industrial Average fell more than 200 points on Friday amid a widespread selloff in global stocks as the Turkish lira tumbled due to concerns over the country's economy and a deepening rift with the United States.

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.

The Turkish lira briefly dropped almost 20 percent against the dollar after US President Donald Trump tweeted that he has authorized the doubling of tariffs on steel and aluminum imports from Turkey.

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"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors.

The S&P 500 is up 159.67 points, or 6 percent.

The S&P 500 lost 7.07 points, or 0.2 per cent.

Rite Aid RAD.N fell 11.5 percent after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

Citigroup, the most global of the major USA banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

Shares in trade-sensitive companies fell.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

About 5.9 billion shares changed hands on USA exchanges.

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