Published: Sun, August 12, 2018
Money | By Armando Alvarado

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

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

The TSX's energy group rose 0.22 points, or 0.11 per cent, while the financials sector slipped 1.81 points, or 0.59 per cent.

The Turkish lira briefly dropped almost 20 percent against the dollar after US President Donald Trump tweeted that he has authorized the doubling of tariffs on steel and aluminum imports from Turkey.

S&P technology sector's 0.5 percent fall was led by chipmakers.

The euro was down 0.5% to $1.1463 and the dollar hit a one-year high as investors looked for safe assets, before falling slightly.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

USA stocks were set to open slightly higher on Thursday, with the S&P 500 aiming at a fresh record as strong earnings helped weather the impact of trade tensions. You worry about the effects on Europe.

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

China out with retaliatory tariffs on U.S.
Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies. So it makes sense to step back, assess where the Trump trade wars stand, and estimate how much further they could go.

The S&P 500 was up 0.59 points, or 0.02 percent, at 2,858.29.

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

The Nasdaq is up 79.77 points, or 1 percent.

Turkey's lira touched a record low against the dollar, weakening 4 percent in 24 hours after meetings in Washington looked to have made little progress in mending a row over Ankara's jailing of an American pastor.

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 Nasdaq Composite Index increased 3.46 points, or 0.04 percent, to 7,891.78.

About 5.9 billion shares changed hands on USA exchanges.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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