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profishingrods.com December 17, 2017


US President's North Korea comments batters blue-chip stocks

12 August 2017, 02:42 | Joann Bryant

Eurasia Group Says Markets Have Ignored N. Korea Risk

Eurasia Group Says Markets Have Ignored N. Korea Risk

On Wall Street, the future for the Standard & Poor's 500 index fell 0.4 per cent and that for the Dow Jones industrial average lost 0.1 per cent.

Strong gains in NY, where the Dow saw repeated record highs up until three day ago, had kept investor optimism high when news of the conflict first broke, Currie said.

North Korea said it was considering plans to fire missiles at Guam, a US -held Pacific island, after President Donald Trump on Tuesday warned the nuclear-armed nation that it would face "fire and fury" if it threatened the United States.

Dow e-minis were down 35 points, or 0.16 percent, with 37,467 contracts changing hands at 8:40 a.m. ET (1240 GMT). Pyongyang said it was examining plans for attacking Guam, a US territory in the Pacific that has a USA military base.

The Nasdaq Composite dropped 49.53 points, or 0.78 per cent, to 6,320.93. That's a much steeper drop than the ones experienced by the Dow and S&P 500. Money also flowed into consumer discretionary stocks.

The index's losses mirrored global markets, which fell after incendiary words between the United States and North Korea.

In more back-and-forth between President Trump and North Korea, Pyongyang General Kim Rak Gyom, leader of the country's strategic forces, said that "sound dialogue is not possible with such a guy bereft of reason and only absolute force can work on [Trump]".

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, rose to a near three-month high of 15.36.

Inflation has risen 1.7 percent over the past 12 months, suggesting inflation pressures remain well under control. He noted that when the North test-fired a missile in July, stocks rose.




Gold rose 0.6 per cent to $1,268 an ounce.

Priceline sank 6.9 per cent as it projected third-quarter earnings below analyst expectations.

The price of oil was also 0.3% ahead at 52.29 United States dollars a barrel, with stockpiles coming under pressure from falling crude oil imports and record processing at American refineries.

More than 430 stocks from all US exchanges hit their lowest levels in 52 weeks or more on Thursday, the most for any session since mid-November right after Trump was elected.

The price of gold rose 1% to 1,274.39 USA dollars per ounce, with Fresnillo and Randgold Resources up 72p to 1,544p and 200p to 7,380p respectively.

The dollar slipped to 109.04 yen from 109.26 late Thursday.

"Trump's response was aggressive and that's why the market turned lower", said Ken Polcari, Director of the NYSE floor division at O'Neil Securities.

Macy's (M.N) shares closed down 10.2 percent and Kohl's (KSS.N) 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. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.



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