(CNBC) Stocks fell on Friday as geopolitical concerns pushed the Turkish lira to a record low against the dollar and rattled investors.

The Dow Jones Industrial Average dropped 196.09 points to 25,313.14 as Intel declined. The Dow also erased its gains for the month of August and posted a three-day losing streak. The S&P 500 fell 0.7 percent to close at 2,833.28 as financials and materials lagged. The Nasdaq Composite also pulled back 0.7 percent to 7,839.11 and snapped an eight-day winning streak.

Bank shares led the way lower in the U.S. as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent. Tech shares also fell as Facebook, Alphabet and Amazon all declined.

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