Published: Sun, August 13, 2017
Global News | By Stacy Ballard

Wall Street swings lower after Trump warns North Korea

Wall Street swings lower after Trump warns North Korea

In 3.08pm trading, the Standard & Poor's 500 Index fell 1 percent.

With the tense mood pushing European shares down for a third day and Wall Street set to fall again, global stocks were on course for their worst week since Donald Trump won November's USA presidential election.

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.

The Nasdaq is down 134.69 points, or 2.1 percent.

China weighed in on the standoff late Thursday, saying in an editorial in state-run Global Times (http://www.globaltimes.cn/content/1060791.shtml) that Beijing will intervene if the USA strikes first against North Korea. And in a Friday morning post on social media site Twitter, Trump wrote: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely". The Nasdaq composite lost 39 points, or 0.6 percent, to 6,331. The precious metal is often seen as a safe haven for investors during times of uncertainty.

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Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam.

Hope that the Fed will have to slow its rate hike path appeared to stop, at least for now, the near $1-trillion loss in world stocks valuations this week triggered by the war of words between Pyongyang and the United States.

Australian shares were down 1.3 percent, set for a weekly loss of 0.6 percent and Chinese and Hong Kong bluechips lost 1.6 percent and 1.9 percent respectively.

Apple (AAPL.O) pared gains after rising as much as 1.91 percent to an all-time high and provided the biggest boost to all three indexes, while healthcare stocks such as Johnson & Johnson (JNJ.N) were the biggest weight on the S&P. The stock was the biggest decliner in the S&P 500, losing $166.50 to $1,882.50.

"It looks like a technical correction, but if there's more bad news in the days to come, or if geopolitical tensions escalate, this short-term correction could become a major correction for stock markets here and globally", CMC Markets analyst Margaret Yang said.

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

The overall financials group, which accounts for roughly a third of the index slipped 0.9 percent.

The December gold contract was up US$12.40 to US$1,285.40 an ounce. The tension increased the selling pressure in the market.

US crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent.

In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon.

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