U.S. stocks drop on Turkey concerns

Traders work on the floor of the New York Stock Exchange in New York U.S

U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

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

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

Dow components Chevron dropped 1.2 percent and Exxon 1 percent. You worry about the effects on Europe.

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

The Dow Jones Industrial Average .DJI fell 74.52 points, or 0.29 percent, to 25,509.23, the S&P 500 .SPX lost 4.12 points, or 0.14 percent, to 2,853.58 and the Nasdaq Composite .IXIC added 3.46 points, or 0.04 percent, to 7,891.78.

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry saying upside to estimates is hard to come by.

Meanwhile, in the USA, the dollar strengthened, gaining 0.68%.

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The Nasdaq is up 79.77 points, or 1 per cent.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Tech shares also fell as Facebook, Alphabet and Amazon all declined.

Tesla shares ended up 0.9 per cent.

The Consumer Price Index reported an annual increase of 2.9%.

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 Nasdaq Composite also pulled back 0.7 percent to 7,839.11 and snapped an eight-day winning streak.

About 6.7 billion shares changing hands on USA exchanges. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

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