S&P 500, Dow end lower with energy, financials; Tesla falls

Carrie Underwood		
			Chris Pizzello  Invision

The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

The tech-heavy index .IXIC was up 0.31 percent at 7,913.03, barely 0.25 percent away from hitting an all-time high.

The Dow is up 46.65 points, or 0.2 per cent.

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.

With the second-quarter US 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 S&P 500 was in slightly positive territory most of the day, putting it once again close to the record high it hit January 26.

The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%.

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.

Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters. JPMorgan, Wells Fargo and Bank of America were all down about 1 percent.

About 5.9 billion shares changed hands on US exchanges.

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

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

S&P 500 futures have fallen 0.5%, while Dow Jones Industrial Average futures have declined 105 points, or 0.4%.

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.

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