U.S. stocks close mixed amid trade tensions

Jeannie Matthews
August 13, 2018

NEW YORK, Aug 10 (Reuters) - U.S. stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

Leading sector declines was the S&P energy index, which fell 0.9 per cent. Occidental Petroleum fell 4.2 per cent after it maintained a tepid production forecast for the year.

"We seem to be able to put trade worries on the back burner and focus on second-quarter results, which have been significantly positive", said Art Hogan, chief market strategist at B. Riley FBR in NY.

At 12:41 p.m. ET, the Dow Jones Industrial Average was down 175.04 points, or 0.69 percent, at 25,334.19, the S&P 500 was down 14.98 points, or 0.52 percent, at 2,838.60 and the Nasdaq Composite was down 27.87 points, or 0.35 percent, at 7,863.91.

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.

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Energy weighs on the S&P 500 on Thursday.

Crude oil prices failed to make a decisive recovery on Thursday even though the US sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

Rite Aid (RAD.N) fell 10.6 percent and was the most actively traded stock after the drug store chain and US grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures. The tech-heavy NASDAQ was also 0.6 percent lower, ending at 7,839.

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

About 5.9 billion shares changed hands on United States exchanges.

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