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How major U.S. stock indexes fared Friday
12 August 2018, 09:43 | Kelvin Horton
Traders work on the floor of the New York Stock Exchange in New York U.S
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.
Investors fled to safe-haven assets, pushing the dollar to a 13-month high and weighing on USA bond yields that slipped to a three-week low.
Meanwhile, in the USA, the dollar strengthened, gaining 0.68%. "You worry about the collateral damage".
The Nasdaq inched toward a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell.
The Russell 2000 is up 151.29 points, or 9.9 per cent.
The S&P 500 lost 7.07 points, or 0.2 per cent.
For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent.
Shares in leading U.S. banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.
"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.
Tesla Inc's TSLA.O shares also fell to a two-day low and wiped out all of the gains fueled by Chief Executive Elon Musk's recent tweet announcing a plan to take the company private.
Economic data showing U.S. consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.
The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 82 new highs and 88 new lows.
About 5.9 billion shares changed hands on US exchanges.
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. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.
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