U.S. stocks fell early Friday, with Wall Street tracking a global equity retreat fueled by the mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.
The U.S. dollar viewed as a haven relative to other currencies, muscled to its firmest level in nearly a year against major rivals.
The Dow Jones Industrial Average fell 194 points, or 0.8%, to 25,313. Friday was poised to be the Dow’s third straight daily decline, as well as its biggest one-day percentage drop since July 11.
The S&P 500 lost 14 points to 2,839, a decline of 0.5% that was also on track to be its third straight decline. The Nasdaq Composite Index was off 39 points to 7,853, a decline of 0.5% that put it on track to snap an eight-day winning streak.