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Stock markets lower, gold price continues to rise amid political tensions
13 August 2017, 10:44 | Jan Cross
US STOCKS-Wall Street swings lower after Trump warns North Korea
"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. Only utilities sector stocks eked out a gain on a day of mostly listless trading as investors kept an eye on the latest company earnings and geopolitical news.
At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was up 54.06 points, or 0.25 percent, at 21,898.07, the S&P 500 was up 5.23 points, or 0.21 percent, at 2,443.44.
U.S. President Donald Trump told reporters at his golf club in Bedminster, New Jersey, on Thursday that he will respond forcefully to any North Korean attack on the U.S. or its allies.
The latest sell-off was the most severe yet, amounting to the biggest single-day drop for the stock market in almost three months. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 2.3 basis points to 2.189%.
On the currency markets, sterling rose 0.2% to flit around the 1.30 United States dollar mark, with the greenback falling in response to the latest USA inflation data.
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.
The indicated USA market moves reflect a selloff across global stock markets Friday. The index has fallen to its lowest intraday level in nearly a month. On the Nasdaq, 1,462 issues rose and 1,227 fell.
"I think the market was looking for a reason to come off here", said Irwin Michael, portfolio manager at ABC Funds. Chinese mainland shares were also down 1.8 percent.
To that end, gold prices shot up to near $1,300 an ounce - their highest level in several months. Japan's Nikkei 225 Index edged down by 0.1 percent, while Hong Kong's Hang Seng Index tumbled by 1.1 percent.
Retailers were also falling Thursday.
The Standard & Poor's 500 index fell 10 points, or 0.4 percent, to 2,463. The stock lost $2.97 to $8.87. The Russell 2000 index gave up 1.7 per cent to 1,372.54.
Elsewhere in commodities, the September crude contract was up 39 cents to US$49.56 per barrel, September natural gas advanced six cents at US$2.88 per mmBTU and the September copper contract declined two cents at US$2.93 a pound.
Nevsun Resources Ltd offset some of the material group's gains, plunging 16.4 per cent to C$2.75 after the company reported disappointing quarterly results.
CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday.
Across Europe, the Cac 40 in France slid 1.1% while Germany's Dax was flat.
Giroud's late goal powers Arsenal past Leicester City
Aaron Ramsey came off the bench to level with eight minutes remaining before Giroud wrapped up the points. Alexandre Lacazette gave Arsenal an early lead before Shinji Okazaki and Jamie Vardy put Leicester ahead.
Indian hospital accused of oxygen failure
On reports that oxygen shortage had caused the deaths, he said if it were the case, it would have been a "heinous act". There was panic at the hospital with relatives trying to support staff using manual breathing bags, local media say.
Tropical Storm Gert expected to form
It is located about 260 miles east of the southeastern Bahamas and is expected to become a Tropical Storm by this afternoon. With its current forecast track, the only impact to the United States will be some increased surf along the coast.
Chances for Rain, Storms Continue into the Weekend
Friday's temperatures across the west will be in the upper 70s to low 80s, with the Grand Junction area seeing upper 80s. The heavier and more extensive rain areas will move east tomorrow night with some rain lingering overnight.
China Willing to Pay the Price of North Korea Sanctions
The meeting comes as the USA and Asian nations join together to try to step up Pyongyang's economic and diplomatic isolation. China's new-found cooperation came after the UN Security Council on August 5 imposed sweeping new sanctions on North Korea.