Stocks Ended Lower, S&P 500 and Dow Posted Weekly Losses

U.S. stocks closed solidly lower on Friday, as the mounting currency crisis in Turkey raised the alarm for possible contagion into other markets. The Dow Jones Industrial Average fell 196.09 points, or 0.77%, to 25,313.14. The S&P 500 lost 20.30 points, or 0.71%, to 2,833.28. The Nasdaq Composite dropped 52.67 points, or 0.67%, to 7,839.11. For the week, Dow booked 0.6% loss, S&P 500 posted a 0.3% loss, but Nasdaq managed a 0.4% gain.

Crude-oil prices finished sharply higher on Friday, but the benchmark notched an overall decline for the week as a forecast for rising global crude demand, and supply boosts from Russia, offset lingering concerns about trade tensions cutting global consumption of energy products. September crude oil CLU8, +1.38% ended up 82 cents, or 1.3%, to settle at $67.63 a barrel. For the week, the benchmark contract registered a weekly loss of 1.3%.

The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years.