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

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On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets.

The Dow Jones Industrial Average decreased 74.52 points, or 0.29 percent, to 25,509.23. The S&P 500 gained 1.2 points, or 0.04 percent, to 2,858.9 and the Nasdaq Composite added 27.98 points, or 0.35 percent, to 7,916.30.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

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

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

Bookings Holdings (BKNG.O) fell 5.9 percent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.

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.

Rite Aid fell 10.9 percent after the drug store chain and US grocer Albertsons Cos agreed to terminate their merger agreement.

Crude oil prices failed to make a decisive recovery on Thursday even though the US sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower.

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

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.

About 5.9 billion shares changed hands on US exchanges. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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