TSX, Wall Street end lower as Turkey woes hit banks

Traders work on the floor of the NYSE in New York

On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

USA stocks closed mixed on Thursday as investors digested a batch of key economic data and corporate earnings reports.

The Russell 2000 is up 17.52 points, or 1 per cent.

The geopolitical turmoil in Turkey is certainly making waves across the global economies, particularly in the United States where the Dow Jones Industrial Average fell over 200 points today.

The Nasdaq composite rose 3.46 points to 7,891.78.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country.

The Nasdaq inched toward a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

The Dow is up 593.92 points, or 2.4 percent.

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

Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent.

Declining issues outnumbered advancers for a 2.34-to-1 ratio on the NYSE.

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