Turkey turmoil rattles Wall Street, banks take a knock

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The pan-European FTSEurofirst 300 index of leading regional shares closed up 0.02 percent, as did the blue-chip EURO STOXX 50.

The S&P 500 is up 179.97 points, or 6.7 per cent.

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.

"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.

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.

The S&P 500 lost 7.07 points, or 0.2 per cent.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market counter ongoing trade tensions.

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At 10:53 a.m. EDT the Dow Jones Industrial Average .DJI was up 3.07 points, or 0.01 percent, at 25,586.82, the S&P 500 .SPX was up 3.00 points, or 0.10 percent, at 2,860.70 and the Nasdaq Composite .IXIC was up 24.70 points, or 0.31 percent, at 7,913.03.

Eight of the 11 major S&P sectors were higher. Tribune shares rose 2.9 percent. "You have banks losing because the 10-year U.S. Treasury came down".

Rite Aid fell 9.5 percent and was the most actively traded stock after the drug store chain and US grocer Albertsons Cos agreed to terminate their merger agreement. Micron, Applied Materials and ON Semiconductor fell between 1.8 percent and 2.4 percent.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers.

On the TSX 78 issues advanced and 162 declined as a 0.5-to-1 ratio favoured decliners.

The S&P 500 posted 26 new 52-week highs and three new lows; the Nasdaq Composite recorded 97 new highs and 68 new lows.

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