The following is an excerpt from Stephen Culp | August 13, 2018 | reuters.com |
NEW YORK (Reuters) - U.S. stocks dropped on Monday as global jitters from Turkey’s plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row.
Financial stocks bore the brunt of Turkey contagion fears, with shares of Citigroup Inc, Bank of America Corp, Wells Fargo & Co and JPMorgan Chase & Co closing down between 0.8 percent and 2.2 percent.
A pledge by Turkey’s central bank to stabilize the plummeting lira failed to calm investors’ nerves. The currency has dropped 40 percent against the dollar so far this year.
“The market’s all about Turkey and the continuation of the trade issues out there,” said Gary Bradshaw, portfolio manager of Hodges Funds in Dallas. “The market definitely wants to go higher but we’re having some curves thrown at us along the way that have caused a few day-to-day pull-backs.”
But Apple Inc shares hit an all-time high as the first U.S. listed company to reach $1 trillion in market value continued a post-earnings rally. The stock finished the day up 0.6 percent.
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