Published: Sun, August 13, 2017
Markets | By Noel Gibbs

North Korea Threat Casts an Ominous Cloud -- Here's Where Wall Street Stands

North Korea Threat Casts an Ominous Cloud -- Here's Where Wall Street Stands

U.S. stocks have risen week after week this year - with the S&P up more than 9 percent - in extremely low volatility, as strong corporate earnings and an improving global economy offset disappointment that U.S. President Donald Trump's promises to lower corporate taxes and implement a massive infrastructure spending have so far failed to see the light of day. The Dow is down 98.98 points or 0.5 percent at 21,949.72, the Nasdaq is down 65.83 points or 1 percent at 6,286.50 and the S&P 500 is down 16.77 points or 0.7 percent at 2,457.25. In the previous session, US stocks finished in the red.

The Toronto Stock Exchange's S&P/TSX composite index fell 39.02 points, or 0.26 percent, to end at 15,217.33. The index fell as much as half a percent, with utilities leading decliners.

The S&P/TSX composite index was down 39.02 points to 15,217.33, with most sectors finishing in the red while bullion stocks surged almost 1.9 per cent.

The fall comes against a background of increasing tension between North Korea and the US, with the former making a threat to land a missile just short of the US Pacific territory of Guam.

Cracks are showing in what has been a virtually non-stop USA equity rally after a rapid escalation of tension between North Korea and the United States this week. The yield on the 10-year Treasury note held steady at 2.26 percent.

Targa Resources, Inc. (NYSE:TRGP) Upgraded by Wells Fargo & Company to "Outperform"
Whereas, in last 21 trading days (one month) was surged 2.28% and moved down in last 63 trading days (quarter) of -11.81%. Another trade for 7,500 shares valued at $434,046 was made by CRISP CHARLES R on Wednesday, February 22.


Gold enjoyed another strong session as traders sought out safe havens, with the price lifting 0.1% to 1,287.8 United States dollars an ounce.

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.

The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday.

J.C. Penney (JCP.N) slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss.

Netflix and red hot chip company Nvidia dropped around 4%.

Phil Neville: Manchester United's title bid strengthened by signing of Nemanja Matic
They have weakened their own team and strengthened Manchester United , who now have a better chance of winning the Premier League than Chelsea .


Bond prices were little changed.

Travel and media companies led US stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market.

MARKETS ABROAD: In Europe, Germany's DAX rose 0.3%, and France's CAC 40 gained 0.2%.

However, bank stocks, including Goldman Sachs (GS.N), Bank of America (BAC.N) and Morgan Stanley (MS.N), were down about 1 percent on the dimming prospects of another rate hike this year. Sony Corp. shares in Tokyo dropped 1.6 percent. Discovery Communications fell 70 cents, or 2.9 percent, to $23.60. Hong Kong's Hang Seng was off 0.3 percent. The September copper contract was down two cents to US$2.91 a pound.

At 5.00 a.m. ET, U.S. crude hovered around $49.40 per barrel, while Brent stood around $52.37.

Trump Administration Sends Mixed Messages On North Korea
It's the latest warning since he said earlier this week that North Korea faces "retaliation with fire and fury unlike any the world has seen before".


CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday.

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