World Bulletin / News Desk
Stocks fell significantly Friday after former National Security Advisor Michael Flynn pleaded guilty to charges he made false statements to the FBI about communicating with Russian officials.
The Dow ended the week at 24,231.59 points, more than 40 points lower than the record high it closed at the day before.
The Nasdaq also plunged more than 26 points after closing Thursday at 6,873.97, and the S&P 500 lost more than 5 points after closing at 2,647.58.
The stock market has risen about 33 percent since Donald Trump was elected president on hopes he can deliver on promises to deregulate and cut corporate taxes.
Flynn, who served Trump for a few weeks earlier this year before being fired for lying to Vice President Mike Pence, pleaded guilty to lying about several interactions with Russian ambassador Sergey Kislyak late in 2016.
Court documents that detailed charges against Flynn said he falsely denied asking Kislyak “to refrain from escalating the situation in response to sanctions that the U.S. had imposed against Russia.”
The Dow initially dropped around 300 points soon after the news of Flynn became public before rallying slightly later in the day.
Flynn promised “full cooperation” with Special Counsel Robert Mueller, who is investigating links between the Russian government and the Trump’s presidential campaign.
"My guilty plea and agreement to cooperate with the Special Counsel's Office reflect a decision I made in the best interests of my family and of our country,” Flynn said in a statement.
“I accept full responsibility for my actions.”Apple, Amazon and Qualcomm all dipped between 1 to 2 percent.
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.
Turkey's assets abroad go up 2.4 percent at end of February 2018, compared to end of 2017: Turkish Central Bank
BIST 100 decreases 0.12 percent; US dollar/Turkish lira exchange rate stands at 4.1020
Hong Kong and China ended down after fluctuating through the morning on data showing the world's number two economy expanded in January-March at the same rate as the previous three months.