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The Nasdaq added 27.09 points, or 0.3 per cent.

The index is just 1 percent shy of a record it hit on January 26 as an estimated 24 percent jump in earnings from S&P companies testified to the strength of the world's biggest economy and corporate sector.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

At the heart of the crisis was a slump in the Turkish lira, which worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.

The S&P financial index fell 1.4 percent, among the biggest drags on the S&P 500.

Chip stocks fell after Morgan Stanley downgraded the US semiconductor industry saying upside to estimates is hard to come by.

Mylan's 6.8 percent drop was the most on the benchmark S&P 500 after the drugmaker reported quarterly results and said it was actively evaluating a "wide range of alternatives". Tribune shares rose 2.9 percent.

China slaps 25% tariffs on $16 billion worth of U.S. goods
Those nations have criticized Trump's tactics, but they share USA complaints about Chinese industrial policy and market barriers. The move will take effect immediately after the U.S. imposes tariffs on Chinese goods on the 23rd of this month.


Shares in leading USA banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Tesla shares ended up 0.9 per cent.

Data on Friday showed US consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

The S&P index recorded 12 new 52-week highs and 10 new lows, while the Nasdaq recorded 73 new highs and 78 new lows.

About 5.9 billion shares changed hands on US exchanges. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.


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