Global Stocks Drop Amid Concerns About Turkey

Global Stocks Drop Amid Concerns About Turkey

The Russell 2000 gained 13.43 points, or 0.8 percent.

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

Russia's dollar-traded RTS index plunged over three percent, Brazil Bovespa index was losing 2.3 percent, and the Turkish Borsa Istanbul index saw a 5.4 percent sell-off.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

The Russell 2000 is up 151.29 points, or 9.9 per cent. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

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

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Investors fled to safe-haven assets, pushing the dollar higher and weighing on US bond yields.

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 87 new highs and 102 new lows.

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

The Dow is up 790.01 points, or 3.2 per cent.

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.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

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.

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