Markets Right Now: Turkish turmoil sends US stocks lower

Traders Richard Deviccaro, center, and Joseph Dente, right, work on the floor of the New York Stock Exchange, Friday, Aug. 10, 2018. Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency. (AP Photo/Richard Drew)

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

Stocks in the U.S. and Europe skidded as investors worried about the financial stability of Turkey and how it might affect the global financial system.

Investors sold stocks and bought U.S. dollars and government bonds Friday.

That sent bond yields lower, which hurts U.S. banks by driving down rates on mortgages and other loans. JPMorgan Chase lost 1 percent.

The dollar also rose against other currencies as the Turkish lira nosedived.

Major exporters like technology, basic materials and industrial companies sank.

The S&P 500 index fell 20 points, or 0.7 percent, to 2,833.

The Dow Jones Industrial Average fell 196 points, or 0.8 percent, 25,313. The Nasdaq composite fell 52 points, or 0.7 percent, to 7,839.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent.

___

11:45 a.m.

Stocks are moving lower in midday on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency.

The dollar and bond prices rose Friday as investors shifted money into lower-risk assets.

U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1 percent.

Online storage company Dropbox sank 7.5 percent after its chief operating officer left.

The S&P 500 index fell 13 points, or 0.5 percent, to 2,839.

The Dow Jones Industrial Average fell 166 points, or 0.6 percent, 25,342. The Nasdaq composite fell 32 points, or 0.4 percent, to 7,859.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent.

___

9:35 a.m.

Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency.

The dollar and bond prices rose in early trading Friday as investors shifted money into lower-risk assets.

U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1.5 percent.

Online storage company Dropbox sank 9.1 percent after its chief operating officer left.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,837.

The Dow Jones Industrial Average fell 180 points, or 0.7 percent, 25,324. The Nasdaq composite fell 40 points, or 0.5 percent, to 7,849.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.89 percent.

Must Read

Speedo USA, 3 other sponsors drop Lochte after Rio incident

Aug 22, 2016

Ryan Lochte loses four major sponsors over a drunken incident during the Rio Olympics that he...

Image of Asia: Speaking to Taiwan's troops at military drill

Aug 25, 2016

Image of Asia: Taiwan's President Tsai Ing-wen delivers a speech at a military exercise in southern...

Scams & waste loom as charity millions donated after Orlando

Aug 28, 2016

The more than 430 fundraisers posted on the GoFundMe website after the mass shooting at an Orlando...

Navy gets $2.7B attack submarine sponsored by Michelle Obama

Aug 27, 2016

A Connecticut company has delivered to the U.S. Navy an attack submarine that is sponsored by first...

Liz Weston: 5 money myths you probably believe

Aug 29, 2016

Don't let widely held myths pull the rug out from under your finances

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH