techkenyot.com
techkenyot.com November 18, 2018


Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

12 August 2018, 02:56 | Hattie Nash

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders work on the floor of the NYSE in New York

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

The Dow Jones Industrial Average shed 196.09 points, or 0.8 per cent, to 25,313.14.

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.

S&P technology sector's 0.42 percent fall was led by chipmakers.

The Russell 2000 index of smaller-company stocks fell 4.08 points, or 0.2 per cent, to 1,686.80.

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A New Moon occurs on August 11 which will make the night skies ideal for meteor shower watching before and after the peak night. Last year, the meteor shower was more hard to see, as the moon was three quarters full.

The Russell 2000 is up 151.29 points, or 9.9 percent. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

Investors fled to safe-haven assets, with the dollar rising to a 13-month high and USA bond yields slipping to a three-week low.

For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

The S&P 500 is up 179.97 points, or 6.7 per cent.

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The S&P 500 fell 0.7 percent to close at 2,833.28 as financials and materials lagged.

For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent. The Nasdaq Composite Index increased 3.46 points, or 0.04 percent, to 7,891.78.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers.

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