Tech stocks take Nasdaq closer to record

Turkey turmoil rattles Wall Street, banks take a knock

The S&P index recorded 4 new 52-week highs and 7 new lows, while the Nasdaq recorded 33 new highs and 45 new lows.

With the second-quarter USA earnings season mostly over, investors are turning their attention from solid economic growth and corporate profits to other risks, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

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.

The Dow is up 46.65 points, or 0.2 percent.

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent.

The Russell 2000 index of smaller-company stocks picked up 4.01 points, or 0.2 percent, to 1,690.89.

The Nasdaq added 27.09 points, or 0.3 per cent.

At the heart of the crisis was a slump in the Turkish lira, which worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.




"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now", said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois.

The S&P 500 and Dow ended down slightly on Thursday as gains in Apple AAPL.O and Amazon AMZN.O were offset by losses in energy and financial shares.

Benchmark 10-year notes rose 8/32 in price to yield 2.9349 percent.

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

Brent crude futures fell 8 cents to $72.20 a barrel and US crude futures were down 2 cents at $66.92 a barrel.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent.

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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