Stocks close lower as financial crisis in Turkey gets worse

Stocks closed lower Monday as a financial crisis in Turkey that sent its currency tumbling last week worsened, dampening investor sentiment around the world.

The Dow ended 125 points lower, with Goldman Sachs and J.P. Morgan Chase lagging. The S&P 500 shed 0.4 percent as materials slid. The Nasdaq finished down 0.25 percent.

"Investors are generally going to be more cautious with a story like Turkey out there," said Jennifer Ellison, principal at Bingham, Osborn & Scarborough. "It's going to hold people off from taking significant risk for a short period of time ... but if you take a step back and look at the bigger picture, things are good."

The Turkish lira, which briefly tumbled more than 20 percent on Friday, reached a fresh record low on Monday before regaining some footing.

https://www.msn.com/en-us/money/markets/stocks-close-lower-as-financial-crisis-in-turkey-gets-worse/ar-BBLRmJF?li=BBnbfcN