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U.S. stocks turn lower, reversing morning gains

U.S. sanctions Turkey over detained pastor

Stocks gave up an early gain and were lower on Wall Street as banks, energy and industrial companies slid.

European markets were slightly lower Monday, following steeper declines in Asia. U.S. indexes are coming off their worst losses in a month as investors worried about financial upheaval in Turkey which has sent that country's currency, the lira, plunging.

On Monday Turkey's central bank announced measures to help that country's banks manage their liquidity, but the lira and Turkey's stock market continued to slide anyway.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,828.

The Dow Jones Industrial Average lost 78 points, or 0.3 percent, to 25,235. The Nasdaq was little changed at 7,839.

Deutsche Bank was down 2.5 percent Monday after Bank of America Merrill Lynch downgraded the stock, citing its heavy exposure to Turkey. 

The Turkish lira hit an all-time low of 7.23 against the dollar on Sunday after President Donald Trump announced a doubling of tariffs against the country.