Published: Sun, August 13, 2017
Industry | By Dora Warner

North Korea spat rattles Wall Street


Wall Street put a floor under global equities on Friday after a weak inflation reading brought investors back into USA technology and other stocks, but gold and the yen still added slightly to the week's gains as tensions continued to escalate between North Korea and the United States. Fear of military conflict helped to knock £40 billion off the value of London's stocks in three days, analysts said. In a statement delivered at his Bedminster, N.J., golf club on Tuesday, Trump said, "North Korea best not make any more threats to the U.S. They will be met with fire and fury like the world has never seen".

The last time the S&P closed down more than 1 percent was May 17 when it fell 1.8 percent.

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.

The technology sector .SPLRCT was the S&P's biggest drag with a 2.2 percent drop.

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South Korea's fell 1.7 percent to its lowest since May 24, but its losses for the week are a relatively modest 3.2 percent.

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.

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.

Gains among technology companies helped snap a three-day losing streak for USA stocks Friday, though the market ended with its worst weekly loss since March.

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President Donald Trump tweeted condolences to the troopers' families earlier Saturday. "Go home", he said . We're renegotiating trade deals to make them great for our country and great for the American worker.


Investors will keenly watch appearances later on Friday by Dallas Fed boss Robert Kaplan and Minneapolis Fed President Neel Kashkari for clues on inflation and the future path of rate hikes. Wall Street was expecting more inflation.

Bond prices rose. The yield on the 10-year Treasury note slipped to 2.19 percent from 2.20 percent late Thursday.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday. It is now on track for its biggest weekly drop since the week before the November 8 US presidential election.

Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen rose.

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About 6.22 billion shares changed hands on United States stock exchanges, slightly above the 6.15 billion average for the last 20 sessions.

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