Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders work on the floor of the New York Stock Exchange in New York U.S

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 Nasdaq is up 79.77 points, or 1 percent.

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

The TSX's energy group rose 0.22 points, or 0.11 per cent, while the financials sector slipped 1.81 points, or 0.59 per cent.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

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At 12:41 p.m. ET, the Dow Jones Industrial Average was down 175.04 points, or 0.69 percent, at 25,334.19, the S&P 500 was down 14.98 points, or 0.52 percent, at 2,838.60 and the Nasdaq Composite was down 27.87 points, or 0.35 percent, at 7,863.91.

The Dow is up 593.92 points, or 2.4 per cent.

Seven of the 11 main S&P sectors were higher.

The biggest drag on the S&P 500 was Booking Holdings BKNG.O , which fell 5 percent after it forecast third-quarter profit below expectations. Tribune shares rose 2.9 percent.

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Rite Aid fell 9.5 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos agreed to terminate their merger agreement. "You have banks losing because the 10-year U.S. Treasury came down". Micron, Applied Materials and ON Semiconductor fell between 1.8 percent and 2.4 percent.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.

On the TSX 78 issues advanced and 162 declined as a 0.5-to-1 ratio favoured decliners.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now".

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