Stocks Regain Ground But Still Close Lower For The Week

13 August, 2017, 15:24 | Author: Terri Saunders
  • Stocks Regain Ground But Still Close Lower For The Week

Wall Street rebounded on Friday and ended on a good note in a hard week marked by increasing geopolitical tensions: the Dow Jones has taken 0.1% and the Nasdaq up 0.6 per cent. Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, fell 3.3 percent following a 44.4 percent jump the day before.

"Given the great run we've had, seems like some sort of pullback wouldn't be surprising", said Michael Baele, managing director of investments at U.S. Bank Private Wealth Management.

The dollar skidded to an eight-week low against the yen on Friday as escalating tensions between the United States and North Korea triggered yet more investor flight to safety. While the German DAX Index closed just below the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index both tumbled by 1.1 percent.

FIRE AND FURY: Keeping up his tough talk, Trump told reporters that North Korean leader Kim Jong Un's government should "get their act together" or face extraordinary trouble, and suggested his earlier threat to unleash "fire and fury" on North Korea was too mild.

US stocks headed lower in early trading Wednesday, Aug. 9, 2017, as traders weighed the growing tensions between the USA and North Korea.

"The war of words between the leaders of the US and North Korea continues to dominate investor sentiment", said Forex.com technical analyst Fawad Razaqzada. The Russell 2000 index of smaller-company stocks picked up 1.69 points, or 0.1 percent, to 1,374.23.

The dollar was down 0.53 percent against the yen at 109.48 yen, after briefly dropping as low as 109.53.

The S&P was, however, on track to post its biggest weekly loss in about five months and the Dow on course to record its biggest weekly fall in almost four months.

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In an apparent response to Trump's tweet, a statement issued by North Korea's official KCNA news agency claimed the president is "driving the situation on the Korean peninsula to the brink of a nuclear war".

Spot gold added 0.7 percent to $1,286.00 an ounce.

An index of 15 gold miners tracked by Bloomberg Intelligence climbed 1.1 percent, led by Toronto-based Yamana Gold Inc. The stock is up 54% so far this year.

Investors bought bonds after the Labor Department said the consumer-price index increased 0.1% in July from the previous month.

Within the internet sector, Synacor (SYNC) fell sharply after the internet content provider reported better than expected second quarter results but provided disappointing guidance. South Korea's Kospi lost 1.7 percent, while Hong Kong's Hang Seng slid 2 percent. The Japanese markets were closed for a holiday. It was last up 1.2% at 1.1305 per euro. The yield on the 10-year Treasury note slipped to 2.19 percent from 2.20 percent late Thursday. Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10.

Shares in several other big media companies also declined.

Crude oil prices extended their slide as exports from key OPEC producers rose, despite news of lower crude shipments from Saudi Arabia.

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