The Dow Jones Industrial average is displayed on a screen
President Donald Trump's trade dispute with Turkey increased downward pressure on U.S. stocks as indexes posted major losses Wednesday.
The Dow Jones fell 260 points, or 1 percent, at 3 p.m. EST (1900GMT) to reach its lowest level since last Monday.
The SP was down 26 percent with a 0.9 percent decline and the Nasdaq shaved 103 points, or 1.3 percent. Both indexes reached their lowest points since Aug. 2.
Three hundred businessmen rushed to heed the call of President Recep Tayyip Erdoğan to sell their 3 million dollar reserves of hard currency in order to support the country's ailing lira. Footage shows President of the TUMKİAD foundation Nihat Tanrıkulu calling on citizens to convert their currencies and invest in the lira.
Turkish businessmen convert $3mln into Turkish lira after Erdoğan call
The three indexes posted losses for three trading days since Friday.
The trade dispute between Turkey and the U.S., which are close allies for more than 60 years and NATO members, has intensified worries for investors who took a selling position in the market, according to analysts.
President Donald Trump announced Friday that he ordered to double tariffs on steel and aluminum imports from Turkey.
In return, Turkey has increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.