North Korea talk drags stocks lower; gold, yen rise
12 August, 2017, 15:10 | Author: Terri Saunders
The Standard & Poor's 500 index fell 8 points, or 0.4 percent, to 2,466 as of 2:45 p.m.
The Dow is down 123.95 points or 0.6% at 21,924.75, the Nasdaq is down 95.89 points or 1.5% at 6,256.44 and the S&P 500 is down 23.40 points or 1% at 2,450.62. The Nasdaq lost 135 points, or 2.1 percent, to 6,216. ShanghaiCompositeIndex tumbled 1.6 percent to 3,208.54.
U.S. President Donald Trump issued a new verbal warning to Pyongyang on Thursday, saying that his previous promise to unleash "fire and fury" may not have been strong enough after North Korea responded with a threat to land a missile near the U.S. Pacific territory of Guam.
The move came after North Korea said that it was examining a plan to attack the U.S. island of Guam in the Pacific, prompting the markets' move out of riskier assets such as equities.
The Dow Jones industrial average fell 85 points, or 0.2 percent, to 21,962.
U.S. crude oil settled 0.4% lower at $49.17/bbl, as the U.S. Energy Information Administration said it forecasts U.S. crude production to average 9.9M bbl/day in 2018, the highest annual average production on record. The stock lost $5.23 to $101.75. EIA reported that United States crude inventories fell last week as refineries boosted output to the highest percentage of capacity in 12 years. The consumer sector's biggest drags were Walt Disney and Priceline.
Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant. The stock shed $1.50 to $4.61.
Gold prices - which were given a boost by safe haven demand - trended lower, after the yellow metal traded around two-month highs overnight. It is poised to end the week down 1.9 per cent. Humana rose $3.59, or 1.4 percent, to $253.81.
London's FTSE 100 opened about 0.5% lower with share indices in Germany, France and Italy also in the red.
The dollar was down 0.77 percent against the yen at 109.21 yen.
Futures markets were also pointing to a lower start for Wall Street, where missile makers have been the only significant gainers in recent days. Heating oil fell 1 cent to $1.63 a gallon. Hong Kong's HangSeng was off 0.3 percent.
Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. Treasury yields fell on Wednesday, with the yields on the benchmark 10-year note hitting a six-week low. Gold (http://www.marketwatch.com/story/gold-trades-at-2-mo-high-as-north-korea-tension-boosts-haven-investments-over-stocks-2017-08-10) jumped 0.9% to $1,290.50 an ounce, trading at a roughly two-month high.
Missile makers Raytheon and Lockheed Martin have outperformed Wall Street by nearly four per cent in recent days and the Dow Jones US defence index is at a record high and on a seven-day unbroken run of gains. The stock fell 85 cents to 12.76. Brent crude, used to price global oils, declined 40 cents to $51.50 per barrel in London. Netflix lost 1.5 per cent. The dollar is down 0.21% against sterling at the time of writing and down 0.27% against the Japanese yen.
Sterling slid against the dollar below the $1.3000 mark.
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Antonio Conte is not the most loyal tactician in football but he is definitely a person who takes good care of himself. He suggested few fancied Chelsea's title chances this time previous year and not many would back the Blues now.
Those moves came after North Korean leader Kim Jong Un made an explicit threat to strike a United States military base in Guam. The Toronto Stock Exchange's S&P/TSX composite index fell 57.36 points, or 0.38 percent, to 15,159.97 shortly after the open.
Shares last traded at $33.19 a tad under $33.58, the 50 day moving average and a tad above the 200 day moving average of $32.54. Meeder Asset Management Inc. raised its position in shares of Liberty Interactive Corporation by 115.9% in the second quarter.
In other news, insider Jonathan Symonds bought 10,000 shares of the company's stock in a transaction dated Tuesday, August 1st. Horizon Investments LLC purchased a new position in HSBC Holdings PLC during the second quarter worth approximately $945,000.
It's tempting to look at last year's champions, Chelsea , as potential candidates for the title a second season in a row. If we win we are going to be at the top of the table or close to it as we begin our fight for the Premier League trophy.
James Paxton awoke Friday morning and was hopeful. "Obviously it's disheartening news", Mariners manager Scott Servais said. He said that's what we're dealing with, and we'll just have to treat it as we go and do the best we can with it".
Significantly, the sanctions were supported by China, which accounts for more than 90% of North Korea's external commerce. This is a "fundamentally flawed policy" the United States has been pursuing for four decades, Person added.
A THAAD battery includes a truck-mounted launcher, tracking radar, interceptor missiles and an integrated fire control system. According to the recent press report , which remains unverified by NPR, North Korea could have up to 60 nuclear weapons.
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