U.S. stocks closed in the red as all the major indices ended lower than the previous session. This collapse in the equity market comes amid escalating fears about a possible contagion from the recent decline in the Turkish Lira. A risk averse mood hurt equity markets, however stocks pared some of their early losses after Qatar reportedly pledged to invest 15 billion U.S. dollars in Turkey following a meeting between Turkish President Erodgan and Qatar’s Sheikh bin Hamed Al Sani. Investors now turn their focus back on the healthy domestic economy and strong corporate results.
Dow traded down 300 points. The index reached its lowest point in August yesterday as it created a new support at the 24960.0 level. Dow Jones may continue its move upwards reaching the 25348.5 resistance before going downwards again in the direction of the 25168.0 area.
Support: 25168.0 24960.0
Resistance: 25348.5 25388.0