Global Stocks Drop Amid Concerns About Turkey

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The S&P financial index.SPSY was down 0.6 percent.

The Russell 2000 gained 13.43 points, or 0.8 percent.

"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.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

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. You worry about the effects on Europe.

Mylan's 6.8 percent drop was the most on the benchmark S&P 500 after the drugmaker reported quarterly results and said it was actively evaluating a "wide range of alternatives". Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent.

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At 10:53 a.m. EDT the Dow Jones Industrial Average .DJI was up 3.07 points, or 0.01 percent, at 25,586.82, the S&P 500 .SPX was up 3.00 points, or 0.10 percent, at 2,860.70 and the Nasdaq Composite .IXIC was up 24.70 points, or 0.31 percent, at 7,913.03.

The biggest drag on the S&P 500 was Booking Holdings, which fell 5 per cent after it forecast third-quarter profit below expectations.

Meanwhile, concerns over escalating trade conflict between the US and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

Citigroup, the most global of the major USA banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent. The Nasdaq Composite closed at 7,839.11 for a loss of -52.67 points or -0.67%. Meanwhile, newly announced USA sanctions against Russian Federation added to the turmoil.

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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