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Telecom lifts Nasdaq, Dow and S&P close with modest losses

Telecom lifts Nasdaq, Dow and S&P close with modest losses

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 87 new highs and 102 new lows.

US stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

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

The Dow Jones Industrial Average fell by 222 points, or 0.9%, at 25,286, the S&P 500 index fell 0.7% at 2,833, while the Nasdaq Composite Index dropped 0.8% at 7,831.

The Dow slid 149.44 points, or 0.6 per cent.

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

Microchip's shares fell 10.5 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue.

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

"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.

Sinclair dropped 2.9 percent after Tribune Media dropped its $3.9 billion deal to be acquired by Sinclair and filed a lawsuit against the company for breach of contract.

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.

The S&P 500 is up 159.67 points, or 6 percent.

Rite Aid (RAD.N) fell 10.6 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1.4 percent.

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.

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