U.S. equities erased what would have been their sixth straight weekly gain Friday as Turkey’s economic crisis triggered a global sell-off.

The S&P 500, which had been trading within striking distance of a record high, ended the five days down 0.2 percent. The Dow fell 0.6 percent, while a rally in domestically focused small-cap stocks lifted the Russell 2000 index to a 0.8 percent gain.

With stress breaking out from Turkey to Russia, equities in China bouncing around to the tune of $100 billion a day and talk of contagion everywhere, U.S. shares are turning into the safest bet. The S&P 500 is up 6 percent in 2018, and the rest of the world is down 5.8 percent, the biggest split in four years.

Credit the impregnable U.S. earnings fortress if you want, but it’s hard to ignore the fingerprints of another American institution: the president.

“The U.S. market is believing that Trump is going to get his way with whatever he wants,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “And I think they like that.”

The U.S. Treasury will sell $51 billion of three-month bills and $45 billion of six-month bills on Monday. They yielded 2.06 percent and 2.24 percent, respectively, in when-issued trading. It also will sell 52-week bills and four-week bills on Tuesday.

Bloomberg News