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Dow tumbles more than 200 points as a currency crisis in Turkey rattles Wall Street

U.S. stock-index benchmarks slumped to start out Friday industry, monitoring an international equity retreat fueled by means of a mounting currency crisis in Turkey, which raised the alarm for imaginable contagion into different markets. The Dow Jones Industrial Average DJIA, -0.77% fell by means of 210 issues, or 0.8%, at 25,29, the S&P 500 index SPX, -0.71% fell 0.6% at 2,833, while the Nasdaq Composite Index COMP, -0.67% dropped 0.6% at 7,847. The drop for shares to close out the week comes amid a steep decline within the Turkish lira TURUSD after the European Central Bank expressed fear in regards to the nation, the place President Recep Tayyip Erdogan was re-elected in a snap vote in June and whose growing power has raised questions in regards to the independence of the rustic's central financial institution. Meanwhile, newly introduced U.S. sanctions against Russia added to the turmoil. The the ruble USDRUB, +0.0000% shed as much as 5% against the buck on Thursday and stock averages there plunged. In company information, stocks of Dropbox Inc. DBX, -9.82% had been decrease after a second-quarter profits record, which additionally included information that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on stocks would expire earlier than in the past deliberate.

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S&P 500 logs worst day in 6 weeks as Turkey’s lira crisis spotlights international dangers

The S&P 500 on Friday notches its worst daily drop since late June amid a vast international equity retreat that was fueled by means of a mounting currency crisis in Turkey, which has raised the alarm for imaginable contagion into different markets.

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