Tech stocks take Nasdaq closer to record

Carrie Underwood		
			Chris Pizzello  Invision

The tech-heavy index was up 0.33 percent at 7,914.22, a quarter of a percent away from hitting an all-time high.

Global stocks fell Friday, the euro declined and investors moved into the dollar amid fears that ongoing financial instability in Turkey will impact other markets.

The Russell 2000 is up 17.52 points, or 1 percent.

The S&P 500 plunged 20.30 points, or 0.7 per cent, to 2,833.28.

The Dow Jones Industrial Average was the only laggard among the three major indexes.

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 Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

The slide followed a tweet from US President Donald Trump announcing he was doubling US tariffs on Turkish steel and aluminium.

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"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note.

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

Energy weighs on the S&P 500 on Thursday.

The Nasdaq inched toward a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell. "You have banks losing because the 10-year U.S. Treasury came down".

Citigroup, the most global of the major US banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower. Tech shares also fell as Facebook, Alphabet and Amazon all declined.

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.

Oil prices were down slightly as the escalating China-U.S. trade dispute cast doubt on the outlook for crude demand.

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