Turkey stocks drop, lira hovers near record low as President Erdogan declares a 3-month state of emergency after devastating earthquake

• Turkish stocks and the lira fell Tuesday in the wake of a deadly 7.8 earthquake on Monday. 
• Turkey's President Erdogan declared a state of emergency in areas hard hit by the natural disaster. 
• Sharp losses in Turkish stocks prompted two trading halts. 

Stocks in Turkey dropped and the country's currency fell Tuesday, extending losses as areas of the country enter a state of emergency in the wake of a strong earthquake that has killed thousands of people and has sent rescuers searching for survivors.