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S&P falls 1.4 pct in safety flight on N. Korea tensions
13 August 2017, 01:11 | Lionel James
President Donald Trump speaks in the Roosevelt Room of the White House in Washington Wednesday Aug. 2 2017
The S&P 500 index had its biggest one-day drop in nearly three months on Thursday as investors fled riskier assets, with technology stocks leading the charge, in response to an increasingly aggressive exchange of threats between the United States and North Korea. That's a much steeper drop than the ones experienced by the Dow and S&P 500.
"It's been a bit of a roller coaster this week, with all the rhetoric between the U.S. and North Korea", said Jeff Kravetz, regional investment strategist at U.S. Bank Wealth Management. "But looking ahead, unless we start to see a conflict breakout or a major stock market correction, (gold) is capped at $1,295, (although) the upside at the moment is the favoured direction". Economists had expected prices to rise by 0.2 percent.
Housebuilders Persimmon, Taylor Wimpey and Barratt fell by 2.8 to 3% on weak house price data.
The Standard & Poor's 500 index fell 5.99 points, or 0.2 percent, to 2,474.92. The S&P 500 index was also down 0.3% and the Nasdaq Composite down 0.2%.
After touching a more than two-month high, spot gold last added 0.1 percent to $1,287.18 an ounce. The stock fell 85 cents to $12.76.
Valeant Pharmaceuticals International, and the heavily weighted financials group lead broad declines.
Trump says North Korea "better get their act together or they are going to be in trouble like few nations have ever been in trouble".
The Dow closed down 205 points Thursday, in its biggest decline since May 17, after U.S. President Donald Trump rejected criticism that his threats to release "fire and fury" had been too inflammatory.
The tensions, since Trump made his "fire and fury" comments on Tuesday, have wiped out almost $1 trillion from the global equity markets.
The stock market jitters came as North Korea outlined plans to launch missiles aimed at the waters off the coast of the US Pacific territory of Guam.
The dollar followed where stock markets went on a downward trajectory while the Japanese yen and Swiss franc rose as investors fled to safe haven currencies. It's still the highest it's been since May.
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U.S. Treasury long-dated yields dropped to six-week lows, pressured by U.S.
Traders took heart in a measure of US consumer prices that increased only slightly in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year.
Copper CMCU3 rose 1.05 percent to $6,481.50 a tonne. The Fed, which raised its key interest rate in March and June, has signaled it plans a third rate hike before the end of this year.
Wall Street got bathed in a sea of red Thursday amid mounting tensions between the United States and North Korea.
Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively. Meanwhile, European stocks were sliding, with French and German benchmarks losing at least 1.2% each. (JWN) jumped almost 3% in premarket trading after exceeding profit and sales forecasts over its recent quarter.
The Swiss franc, a barometer of risk sentiment, surged 0.6 percent to 0.9688 francs against the USA dollar, reversing a two-week losing streak. Clothing company Ralph Lauren, with its figures, also brought cheers to investors and increased by more than 13 percent. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet. "We believe the recent recovery should run out of steam once the U.S. dollar regains strength", said Norbert Rücker, Julius Baer's head of Macro & Commodity research.
The dollar slipped to 109.04 yen from 109.26 late Thursday.
In Paris the CAC 40 ended down 1.4%, while the DAX 30 in Frankfurt ended down 1.1%.
The index was showing signs of Greed just two days ago while the Dow was in the midst of a winning streak that included nine straight record highs.
Stocks ended more than one percent down in Seoul while the won slumped to a three-week low against the dollar as the U.S. president and South Korea's volatile neighbour dramatically ramped up their war of words.
Disney Stock Exacts Steeper Toll Than North Korea On Dow
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His guests included country acts, The Monkees , Lucille Ball, Cream, Neil Diamond and Ella Fitzgerald. He moved to Albuquerque, New Mexico to join his uncle's band and appear on his uncle's radio show.