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Stock markets lower, gold price continues to rise amid political tensions
13 August 2017, 10:44 | Jan Cross
Stocks slide on continued concern over tension between US and 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.
3 militants, 2 soldiers killed in Shopian encounter
Five soldiers were injured in the gunfight yesterday and had to be evacuated to 92 Base Hospital of the Army for treatment. Internet services have been blocked in Badgam district following the identification of Itoo among the slain militants.
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.
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.
Nine-man Chelsea lose 3-2 to Burnley
NAN also reports that Wayne Rooney scored the winning goal on his top-flight return to Everton after 13 years. Burnley's Stephen Ward celebrates scoring their second goal.
Trump tells China: Probe into trade practices coming
Pyongyang this week threatened to fire missiles near the US territory of Guam during an exchange of bellicose rhetoric with Trump. It wasn't immediately clear how China would react to the move. "If China helps us, I feel a lot different towards trade".
North: Media to Partly Blame for Escalating US-N. Korea Tension
His visit came the day after President Trump said North Korea would be met with "fire and fury" in the event of a nuclear attack. Tensions have escalated rapidly in recent weeks after North Korea tested two intercontinental ballistic missiles in July.
Cowboys vs. Rams 2017 live stream
Harvey said an example was proof that photographs were taken by Thompson the same day she alleged that she was injured by Elliott. Elliott and his team of representatives are extremely disappointed with the NFL's decision", Elliott's lawyers said.
Usher was in hotel on night woman said he had sex
In a report from TMZ , a supposed employee at the hotel says that Usher did indeed make his way to the hotel to meet Sharpton. Last week, TMZ reported that Usher told his inner circle that he didn't have sex with Quantasia because she's not his type.