Wall Street falls on North Korea concerns

Lloyd Doyle
Августа 13, 2017

NORTH KOREA: President Donald Trump warned North Korea of "fire and fury" this week in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a US territory in the Pacific with a military base.

The Standard & Poor's 500 index dropped 35.81 points, or 1.4 percent, to 2,438.21. The indexes fell lower for the week with the Dow Jones Industrial Average -1.06%, the Nasdaq Composite down -1.50% and the S&P 500 fell -1.43%. The Nasdaq composite lost 76 points, or 1.2 percent, to 6,275.

The New York stock Exchange has chained three consecutive sessions of decline in response in a face-to-face meetings between the United States and North Korea.

Far from trying to ease the fever, Donald Trump has stepped up its virulence on Thursday in the face of North Korea, which threatens openly the u.s. territory of Guam in the Pacific. The back and forth put investors in a selling mood for the third day in a row.

"Since these are the stocks that have been in the spotlight the most, they tend to have the most volatility upwards and downwards", said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida. Titled "Reckless game over the Korean Peninsula runs risk of real war", the editorial suggested China will stay neutral if North Korea strikes first, but will intervene if the U.S.is the first mover. Among the more popular stocks lifting indexes were Microsoft (+1.54%), Cisco (+1.42%), Apple (+1.39%) and Netflix (+1.36%).

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33. In three days. the Nasdaq has lost 2.6% - the most since last September.

Читайте также: Korean stocks down 1.1 pct on heightened tensions over N. Korea

The markets may benefit from bargain hunting, as some traders look to pick up stocks at reduced levels following the pullback seen over the past few sessions. Kohl's also declined, sliding $3.62, or 8.6 percent, to $38.31.

UNDERCOOKED: Blue Apron slumped 18.2 percent after the meal kit seller reported a sequential decline in customers in the second quarter due to a planned reduction in marketing.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent.

MARKETS OVERSEAS: In Europe, Germany's DAX was down 1 percent, while France's CAC 40 fell 1.4 percent. The yield on the 10-year Treasury note fell to 2.22 percent from 2.26 percent late Tuesday. Gold and bond prices were headed higher.

OIL: Benchmark U.S. crude gained 13 cents to $49.69 a barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, gained 10 cents to $52.24 in London. In other energy futures trading, wholesale gasoline dropped 2 cents to $1.60 a gallon, heating oil shed 2 cents to $1.63 a gallon and natural gas rose 10 cents, or 3.5 percent, to $2.99 per 1,000 cubic feet. Copper rose 4 cents to $2.94 a pound. The euro slid to $1.1732 from $1.1752. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points. Britain's FTSE 100 added 0.1 percent. Hong Kong's Hang Seng Index fell 1.22%.

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