Saturday, 21 October, 2017

Wall Street finished a hard week on a high note

Wall Street finished a hard week on a high note Wall Street finished a hard week on a high note
Marta Holmes | 14 August, 2017, 01:11

US President Donald Trump added to the heat by tweeting that "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".

"As a portfolio manager, you say, 'Do I think we'll get a war out of this?'" said Torsten Slok, chief worldwide economist at Deutsche Bank, referring to the back and forth between North Korea and President Donald Trump.

Aug 11 (Reuters) - U.S. stocks were modestly higher in late morning trading on Friday as investors cautiously dipped back into riskier assets, after a three-day losing streak on concerns over escalating tensions between the United States and North Korea.

The possibility of war breaking out on the Korean Peninsula is "very low" and tensions between the USA and North Korea will probably dip around September or October, according to Yang Moo-Jin, a professor at the University of North Korean Studies in Seoul. Tokyo's Nikkei 225 share index closed down 1.3% at its lowest since June 1 as the strong yen hit exporters, while South Korea's KOSPI index fell 1.1% to seven-week lows.

The headlines about North Korea served as a spark to jolt investors out of complacency on the heels of an extended period of calm in the market, said McClellan who shared the following chart in a report.

The annual decline in prices stands at 1.7% in July, compared to 1.6 % in June, according to the index, below the 2% target of the federal Reserve.

The Standard & Poor's 500 index fell 24 points, or 1 percent, to 2,449 as of 2:16 p.m. North Korea also laid out detailed plans of how it would launch a missile strike on USA military bases in Guam. Bank of New York Mellon fell $1.56, or 2.9 percent, to $52.48, while Citizens Financial Group slid 86 cents, or 2.5 percent, to $34.17.

Department store operator J.C. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday.

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer. Small-company stocks fell more than the rest of the market.

Nirmal Bang Commodities said, "Gold prices are expected to rise".

Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in July, matching the increases seen in the three previous months. The Dow slumped 204.69 points or 0.9 percent to 21,844.01, the Nasdaq plummeted 135.46 points or 2.1 percent to 6,216.87 and the S&P 500 tumbled 35.81 points or 1.5 percent to 2,438.21.

MSCI's main index of Asia-Pacific shares, excluding Japan, was last down 0.6%.

Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772.

BONDS: Bond prices rose.

Data showed the number of Americans filing for unemployment benefits unexpectedly rose last week, but the underlying trend remained consistent with a tightening labor market.


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