Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Carrie Underwood		
			Chris Pizzello  Invision

Carrie Underwood Chris Pizzello Invision

The Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

Bookings Holdings fell 5.9 percent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.

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".

The S&P 600 closed at 1,061.55 for a loss of -1.55 points or -0.15%. The S&P 500 fell 0.7 percent to close at 2,833.28 as financials and materials lagged.

"When we see the earnings growth in 2018, the multiples are reasonable at that record level", said Art Hogan, chief market strategist at B. Riley FBR in NY. The S&P is also less than half a percent shy of the record it hit in late January. Occidental Petroleum (OXY.N) fell 4.2 percent after it maintained a tepid production forecast for the year.

The number of Americans filing for unemployment benefits unexpectedly fell last week, a Labor Department report showed.

The Dow Jones Industrial Average .DJI fell 74.52 points, or 0.29 percent, to 25,509.23, the S&P 500 .SPX lost 4.12 points, or 0.14 percent, to 2,853.58 and the Nasdaq Composite .IXIC added 3.46 points, or 0.04 percent, to 7,891.78. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

Rite Aid fell 10.9 percent after the drug store chain and US grocer Albertsons Cos agreed to terminate their merger agreement.

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.

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. Beijing announced Wednesday it would counter the most recent round of USA tariffs with its own. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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