Trade dispute with Turkey puts pressure on US stocks

By Ovunc Kutlu

NEW YORK

President Donald Trump's trade dispute with Turkey increased downward pressure on U.S. stocks as indexes posted major losses Wednesday.

The Dow Jones fell 260 points, or 1 percent, at 3 p.m. EST (1900GMT) to reach its lowest level since last Monday.

The S&P was down 26 percent with a 0.9 percent decline and the Nasdaq shaved 103 points, or 1.3 percent. Both indexes reached their lowest points since Aug. 2.

The three indexes posted losses for three trading days since Friday.

The trade dispute between Turkey and the U.S., which are close allies for more than 60 years and NATO members, has intensified worries for investors who took a selling position in the market, according to analysts.

President Donald Trump announced Friday that he ordered to double tariffs on steel and aluminum imports from Turkey.

In return, Turkey has increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.