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12 August 2018, 09:40 | Joann Bryant
Traders work on the floor of the New York Stock Exchange in New York U.S
U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.
Investors fled to safe-haven assets, pushing the dollar to a 13-month high and weighing on US bond yields that slipped to a three-week low.
The S&P 500 was in slightly positive territory most of the day, putting it once again close to the record high it hit January 26.
Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters. "You worry about the collateral damage".
Financials reported some of the day's greatest losses with the S&P 500's financial sector down -1.10%.
Year to date, the Dow Jones has a gain of 4.29%, the S&P 500 has gained 7.73% and the Nasdaq Composite has a return of 14.74%. The S&P financial index .SPSY was down 0.6 percent.
The technology sector has been at the center of a sharp recovery in US stocks since a market rout in February.
Shares in leading USA banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners.
The S&P index recorded 12 new 52-week highs and 10 new lows, while the Nasdaq recorded 73 new highs and 78 new lows.
About 5.9 billion shares changed hands on US exchanges.
Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners. Excluding the energy sector, the earnings growth estimate declines to 20.4 per cent.
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