Stocks Opened Lower on Turkey’s Currency Crisis

U.S. stocks opened lower on Friday as a mounting currency crisis in Turkey rattled global markets. The Dow Jones Industrial Average lately fell 214.57 points, or 0.84%, to 25,294.66. The S&P 500 was down 18.47 points, or 0.65%, to 2,835.11. The Nasdaq Composite dropped 49.74 points, or 0.63%, to 7,842.04.

Oil prices tipped higher Friday 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. West Texas Intermediate futures for September delivery rose 48 cents, or 0.7%, to $67.31 a barrel. Brent crude for October rose 54 cents, or 0.7%, to $72.61 a barrel.

U.S. consumer prices rose in July, underpinning expectations that theFederal Reserve will raise interest rates next month.The consumer-priceindex rose 0.2 percent from June after a 0.1 percent month-on-month gain the prior month, a Labor Department report showed Friday.

U.S. President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminum and 50 percent one on steel.