Wall Street falls on North Korea concerns

Share
Wall Street falls on North Korea concerns

The last time the S&P closed down more than 1 percent was May 17.

Stocks in Asia declined with USA equity index futures and the South Korean currency tumbled as investors took a risk-off approach after the U.S. and North Korea exchanged threats amid escalating tensions between the two nations.

Stocks ended with slight losses, stopping the Dow's streak of nine consecutive record high closes, as the major indexes traded listlessly within a narrow range throughout the day.

At 12:36 p.m. ET (1636 GMT), the Dow Jones Industrial Average was down 158.98 points, or 0.72 percent, at 21,889.72 and the S&P 500 was down 27.37 points, or 1.11 percent, at 2,446.65.

Investors bought safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen rose.

On average, the S&P 500 falls 5% or more every 10 weeks and the index falls 10% every 33 weeks, according to data analyzed by AllianceBernstein going back to 1928.

"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.

Safe-haven assets such as gold and the Swiss franc were again in favor.

Macy's shares closed down 10.2 percent and Kohl's fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

Shares of Kohl's were down 8.4 percent, while Macy's fell 4 percent after the department store operators reported a fall in sales.

Retailers' results are being keenly watched by investors to gauge the companies' strategy to counter No. 1 online retailer Amazon.com's growth.

Ralph Lauren Corp. shares gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub Corp. added 99 cents, or 18.1 percent, to $6.45.

"We predicted KOSPI's July support level to be 2,300, but there is a possibility that it will fall below the mark in a couple of months", he said. "Risk aversion is still very much a concern for markets", said Shaun Osborne, chief currency strategist, at Scotiabank in Toronto. Hong Kong's Hang Seng Index fell 1.22%.

Data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

Still, the S&P and the Dow were on track to post their biggest weekly loss in about five months and the Nasdaq on course to post its biggest weekly fall in about six weeks.

Federal funds futures suggested the chance of rate hike in December fell to 40 percent from 42 percent shortly before the release of the data.

The 30-year bond last rose 5/32 in price to yield 2.8107 per cent, from 2.818 per cent late on Wednesday.

Share

Advertisement

Related Posts

Netflix in Talks with Disney to Keep Marvel, Star Wars Films
The news comes after Disney announced its intention to follow in the footsteps of increasing numbers of cable nets, with the launch of an ESPN-branded multi-sport video streaming service in early 2018.

Solar Eclipse Safe Viewing Seminar
The City of Statesville itself won't be inside a path of totality for an eclipse until 2645, so don't wait around for that one. Here in Douglas county, the "bite" will get very large with the sun shrinking to a razor thin crescent 3 or 4 percent across.

Need solar eclipse glasses?
Safe viewing glasses are available free to the public at the Centennial Library and the Downtown Library, 301 W. Retail chains listed include 7-Eleven, Best Buy, Kroger, Lowe's, and Walmart, among others.

Henry Schein, Inc. (HSIC) Position Increased by Wealth Enhancement Advisory Services LLC
The company was maintained on Tuesday, August 8 by Stifel Nicolaus. (NYSE:IBM) on Friday, October 16 with "Hold" rating . The value of the investment in HSIC went from $22,232,000 to $22,209,000 a change of $23,000 for the reporting period.

Boston Scientific Corporation (NYSE:BSX) Receives "Hold" Rating from Oppenheimer Holdings, Inc
Also, SVP Wendy Carruthers sold 12,433 shares of the firm's stock in a transaction that occurred on Thursday, August 3rd. Centerbridge Partners Lp bought 1.28 million shares as the company's stock declined 45.77% while stock markets rallied.

Bhoomi Song Trippy Trippy: Sunny Leone's Sultry Avatar Leaked
Talking about the song, Sunny had earlier revealed to Mumbai Mirror, "I have been working on it with Omung sir and Ganesh sir". Also, T-Series and Legend Studios are producing the movie whereas the Mary Kom fame director Omung Kumar is directing it.

Latest on Georgia left tackle Isaiah Wynn prior to Saturday's scrimmage
Defensive lineman Jonathan Ledbetter's absence isn't expected to be long-term, according to coach Kirby Smart. Wynn was spotted by reporters before the scrimmage.

Samsung Internet Now Available to Most Android Users
We're told the update is already out, but is now on a gradual rollout and would take a few days to be made available for everyone. It has been highly praised by its speed in the past (even from non-Samsung owners) by the community and Samsung is taking notice.

At least 6 killed, many houses and vehicles damaged in Himachal landslide
Eight bodies have been recovered, including the driver and the conductor of Chamba depot Chanden Sharma and Satpal, respectively. People present on the spot said the rescue operation was affected by rains. "Immediate relief will be provided", Mr Singh said.

Rich Hill takes pitch to throat, taken to hospital as precaution
Renfroe's hit tied the score at 1-1, after the Dodgers scored first with Justin Turner's sacrifice fly in the bottom of the first. Joc Pederson couldn't bring any of the three he stranded with a first-pitch groundout after Chacin walked the bases loaded.

© 2015 ExpressNewsline. All Rights reserved.