Wall Street couldn’t avoid the bloodbath on Friday triggered by a collapse of the Turkish lira amid escalating diplomatic tensions between the US and Turkey. Investors are worried about political uncertainty in the world.
The Dow Jones Industrial Average index slid 231 points, or one percent during early trading hours on Wall Street. Another two key US indices, the S&P 500 and the Nasdaq pulled back 0.7 percent.
Shares in leading US banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley and J.P. Morgan Chase all falling over one percent.
Markets in Europe were also turbulent with Germany’s DAX falling two percent, French CAC 40 falling almost two percent and Britain’s FTSE 100 declining 0.8 percent.