Tech stocks drive Nasdaq higher; Dow, S&P flat

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

Andrew Kelly Reuters

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.

Shares of Apple rose 1 percent, while those of Amazon were up 0.8 percent and Microsoft 0.4 percent.

The energy group dropped 0.75 percent and weighed the most on the S&P index as crude oil prices fell on slowing Chinese demand and trade issues.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

The Russell 2000 gained 13.43 points, or 0.8 percent.

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Walt Disney fell 1.6 percent after its quarterly profit missed estimates as new technology costs rose.

The slide followed a tweet from US President Donald Trump announcing he was doubling US tariffs on Turkish steel and aluminium.

For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent.

Entering Thursday's session, the S&P 500 was just half a percent away from reaching 2872.87, a record high set on January 26. Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent.

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.

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Shares in leading U.S. banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

Tesla shares ended up 0.9 per cent.

Economic data showing U.S. consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.

Meanwhile, in the USA, the dollar strengthened, gaining 0.68%.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers. Two other key U.S. indices, the S&P 500 and the Nasdaq, pulled back 0.7 percent.

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