Turkish Lira Falls Another 7% - Adviser Investments

Turkish Lira Falls Another 7%

Charlie Toole, vice president at Adviser Investments, has the market analysis for Monday, August 13. The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite each declined: 0.5%, 0.4% and 0.2%, respectively. The Turkish lira fell another 7% today (in addition to yesterday’s 12% decline); however, unlike international markets, dips across major U.S. indexes were not driven by fear-based selling—as evidenced by declines in traditional safe-haven assets like gold and U.S. Treasury bonds. Despite emerging market concerns, U.S. markets continue to be buoyed by second quarter earnings’ 25% year-over-year growth rate as well as the economy’s anticipated growth trajectory.

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