Asian stocks fall on risks, while United States closes for Thanksgiving

Stocks take sharp losses Apple Microsoft and Facebook drop

Stocks are falling sharply as technology and internet companies suffer sharp losses after the USA and China clashed at a Pacific Rim summit over the weekend. Retailers also fell, and energy companies plunged with oil prices as the market sank back into the red for the year.

The Standard & Poor's 500 index slid 45.54 points, or 1.7%, to 2,690.73.

The Dow dropped 551 points, and the S&P 500 and the Nasdaq Composite plunged by almost 2 percent, according to reports. The technology-focused Nasdaq index lost 1.7 per cent to 6,908.82, flat on the year to date.

The Russell 2000 index of smaller-company stocks soared 19.27 points, or 1.3 percent, to 1,488.28.

The combined loss of around $495 billion for those two companies is greater than the value of all but five S&P 500 stocks.

The Dow Jones Industrial Average slipped 0.95 points to 24,464.69. Durable goods orders also fell 4.4 percent last month from September, the largest amount in 15 months, with commercial and military aircraft leading the decline. Nokia, a big supplier of telecom networks, fell 3 percent. Census Bureau announced retail sales improved 0.8 percent to $511.5 billion, led by purchases of motor vehicles and building materials. The company said sales broke out of a slump and prices also rose.

NISSAN: Nissan said Chairman Carlos Ghosn, who engineered a turnaround at the automaker, was arrested and will be fired on charges he underreported his income and misused company funds. Brent crude, the worldwide standard traded in London, advanced 2.6 percent to $64.13 a barrel.

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Benchmark U.S. crude reversed an early loss and rose 0.5 percent to $56.76 a barrel in NY.

Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet - known collectively as "FAANG" - all closed down more than 20 percent from their 52-week highs, placing them in bear market territory.

This pressured the broader tech sector as Microsoft and Twitter also joined the retreat, while Amazon curbed losses. Coca-Cola fell 1.1 percent to $48.83 and Duke Energy lost 2.4 percent to $86.38.

S&P 500 measures the performance of 500 widely held common stocks of large-cap USA companies.

Exxon Mobil jumped 1.7 percent to $78.31 and Chevron rose 2.5 percent to $119.06. Silver inched up 0.1% to $14.40 an ounce.

Bond price didn't move much.

CURRENCIES: The dollar eased to 112.98 yen from 113.07 yen late Wednesday. The euro rose to $1.1453 from $1.1412. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations. South Korea's Kospi gained 0.4%.

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