ibusinesslines.com
ibusinesslines.com October 23, 2017


Wall Street lower on US-North Korea tensions

13 August 2017, 05:38 | Kelvin Horton

The Nasdaq lost 135 points, or 2.1 percent, to 6,216. In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, "the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution".

And US stock indices the Dow Jones and S&P 500 are down for the second day in a row after the North Korean dictator threatened a missile strike on US bases in Guam. Over the next three months, the average gain has been good but not great - +1.15%.

Officials in North Korea said they were "carefully examining" a strike on Guam, which is home to around 163,000 people and two US military installations and threatened a further "all-out war wiping out all the strongholds of enemies, including the USA mainland" in a government statement.

Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang's continues missile and nuclear tests in defiance of United Nations sanctions.

The CBOE Volatility Index (.VIX), a barometer of expected near-term stock market volatility, closed at its highest since the election.

UP WITH TECH: Investors bid up technology sector shares. "You're less than 2 per cent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers".


The data comes amid tepid inflation that has remained below the Federal Reserve's 2 percent target, despite low unemployment.

Department store operator J.C. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday. Core prices had been expected to rise by 0.2%.

10-Year Treasury Yield 2.20% -0.03%. The stock fell 85 cents to $12.76. Wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

The local currency closed at 1,143.50 won against the USA dollar, down 1.50 won from the previous session's close. Brent crude, used to price global oils, gained 56 cents to $52.70 in London.

Sterling was also down 0.1% versus the euro at 1.104. Germany's DAX fell 0.9 percent, while the CAC 40 in France lost 0.5 percent. Britain's FTSE 100 added 0.1 percent. The Stoxx Europe 600 benchmark was down 1.1% (http://www.marketwatch.com/story/european-stocks-face-worst-week-in-9-months-on-us-north-korea-tensions-2017-08-11), while Hong Kong's Hang Seng led the Asian losses with a drop of 2%. The index dropped to a one-month closing low. Japan was closed on a public holiday. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33.



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