Turkey turmoil spills over to Wall Street, shaves 200 points off Dow

Traders work on the floor of the NYSE in New York

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

Aug 10 (Reuters) - The Dow Jones Industrial Average fell more than 200 points on Friday amid a widespread selloff in global stocks as the Turkish lira tumbled due to concerns over the country's economy and a deepening rift with the United States.

The S&P 500 lost 7.07 points, or 0.2 percent.

Major equity indexes in the USA failed to determine a clear trend on Thursday as major sectors showed varying performances.

The Dow Jones Small-Cap Value TSM Index closed at 10,541.31 for a loss of -48.08 points or -0.45%.

The Russell 2000 is up 151.29 points, or 9.9 per cent.

Second quarter earnings are expected to increase 23.5 percent from the same period past year.

"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors.

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Investors fled to safe-haven assets, with the dollar rising to a 13-month high and USA bond yields slipping to a three-week low.

Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

The S&P 500 is up 159.67 points, or 6 per cent. Nasdaq Composite futures have dropped 0.6%.

The Dow is up 790.01 points, or 3.2 per cent.

Shares of Bank of America, JP Morgan and Wells Fargo rose between 0.6 percent and 0.9 percent, lifting the sector.

China's tit-for-tat response to the Trump administration's latest round of tariffs dragged down shares of trade-sensitive stocks such as Caterpillar and Boeing.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

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