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Stock impact report

Turkey turmoil weighs down U.S. stocks [Los Angeles Times (CA)]

Overstock.com, Inc. (OSTK) 
Last overstock.com, inc. earnings: 11/12 08:00 am Check Earnings Report
US:NASDAQ Investor Relations: investors.overstock.com
Turkey turmoil weighs down U.S. stocks Stocks in the United States and Europe skidded Friday as investors worried about the financial stability of Turkey and how it might affect the global banking system. Turkish President Recep Tayyip Erdogan has accumulated more and more control over the country’s central bank as well as its financial system, which is now run by his son-in-law. Turkey’s currency is plunging, and the country is also in a diplomatic spat with the U.S., a major trading partner. Alex Dryden, global markets strategist for JPMorgan Asset Management, said Erdogan showed no signs of changing course Friday, and investors are losing hope that Turkey’s government has the knowledge or independence needed to deal with the country’s financial problems. “There was some hope that maybe they’d step back from the brink and you’d see a reestablishment of central bank independence,” he said. Although Dryden and other analysts say Turkey’s problems aren’t a major risk to the financial s Show less Read more
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