Finance

Stocks plunge over North Korea tensions

Stocks plunge over North Korea tensions

Simmering tensions between the USA and North Korea have come back to the boil in recent days after Pyongyang disclosed plans to fire missiles over Japan to land near America's Pacific territory of Guam.

At 12:28 p.m. ET, the Dow Jones Industrial Average was down 52.87 points, or 0.24 percent, at 22,032.47, the S&P 500 was down 2.8 points, or 0.11 percent, at 2,472.12. The S&P 500 sank 1.7% from Tuesday to Thursday, the Dow fell 1.1%, and the Nasdaq dropped 2.4%.

The Nasdaq Composite .IXIC was down 68.30 points, or 1.08 percent, at 6,284.03. It's also called the "fear index".

But U.S. stocks regained some lost ground, despite Trump's comments Friday that U.S. weapons are "locked and loaded", ready to respond if North Korea acts "unwisely".

Six out of the S&P 500's 11 major sectors closed positive on August 9. Should they start re-allocating, we believe a big move in global gold prices will inevitably ensue. Germany's DAX Index fell 0.6 percent, while the UK's FTSE 100 Index retreated 1.2 percent, and France's CAC 40 Index slid 1.4 percent.

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

Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a selloff, and the tensions over North Korea proved to be the trigger.

Blue Apron slumped as much as 19.1 percent to a record low after the meal-kit delivery service provider reported a bigger-than-expected loss in its first quarterly report as a public company.

Solapur boy suspected of playing Blue Whale game saved just in time
Once you sign up for the game, which originated in Russian Federation , it will assign you daily tasks to complete for 50 days. Last month, a 14-year-old boy in Mumbai allegedly committed suicide after playing the game.

Michael Kors climbed 21.5 percent after the luxury handbag and apparel designer and retailer's latest quarterly results beat analysts' forecasts as sales improved.

The Canadian dollar was trading at an average price of 78.67 cents USA, down 0.04 of a US cent.

"Tensions will continue to mount and could eventually develop into a "black swan" event that the markets are not prudently considering", said Steve Hanke, professor of Applied Economics at America's Johns Hopkins University.

IN A SKID: Avis Budget Group slumped 6.8% to $31.13 after the auto rental company cut its guidance following a weak second quarter.

United States crude rose 0.41 per cent to US$48.79 per barrel and Brent was last at US$52.01, up 0.21 per cent.

"The escalation of the geopolitical situation between the US and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial. Rival Advanced Micro Devices was also down 2.6 percent.

Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.1905 percent, from 2.211 percent late on Thursday.

CURRENCIES: The U.S. dollar weakened to 110.35 yen from 110.72 yen. Crude briefly pared losses in late trading after USA inventories fell more than expected last week.


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