Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Carrie Underwood		
			Chris Pizzello  Invision

The Russell 2000 gained 13.43 points, or 0.8 per cent.

Want to know why the Dow Jones Industrial Average is doing what it's doing?

JPMorgan, Wells Fargo and Bank of America fell more than 1 percent, weighing the most on the benchmark S&P 500.

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

S&P technology sector's 0.42 percent fall was led by chipmakers.

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.

Leading the index were Pretium Resources Inc., up 19.4 per cent, Enerflex Ltd., up 9.4 per cent, and Ritchie Bros.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.

More news: Jorginho, Sarri debut with easy Chelsea win

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

"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note.

At 2:47 p.m. (1847 GMT), the Dow Jones Industrial Average was down 270.25 points, or 1.06 percent, to 25,238.98, the S&P 500 had lost 25.21 points, or 0.88 percent, to 2,828.37 and the Nasdaq Composite had dropped 65.17 points, or 0.83 percent, to 7,826.61. 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 790.01 points, or 3.2 per cent.

The Nasdaq added 27.09 points, or 0.3 per cent.

Shares in trade-sensitive companies fell.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

The S&P index recorded 21 new 52-week highs and three new lows, while the Nasdaq recorded 63 new highs and 65 new lows.

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