Saturday, 16 December, 2017

Dow streak of records ends amid US-North Korea tensions

The Dow was heading for a tenth straight record close on Tuesday after better-than-expected US jobs dataMore The Dow was heading for a tenth straight record close on Tuesday after better-than-expected US jobs dataMore
Stacy Diaz | 10 August, 2017, 00:09

U.S. stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after U.S. President Donald Trump vowed to respond aggressively to any threats from North Korea.

The wider S&P 500 index slipped 2.8 points to 2,478.1, while the Nasdaq dropped 18.75 points to 6,365.02. The broader S&P 500 Index declined 5.99 points, or 0.2%, to close at 2,474.92.

The back-and-forth came on the heels of reports the USA intelligence community has determined North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles.

"As a result all major U.S. markets closed lower for the first time in over two weeks, and this weakness unsurprisingly has spilled over into Asia markets as well, as geopolitical tensions prompt some nervousness, particularly since North Korea's state media suggested that they examining the prospect of a missile strike near the USA base in Guam".

Top military brass and President Trump are being sued by five USA military members that want to keep Trump's transgender ban from becoming a reality - "in any capacity".

WALL STREET: Losses in health care and consumer-focused companies pulled US stocks lower, snapping a 10-day winning streak for the Dow Jones industrial average.

After scaling back from record highs earlier in the session, Wall Street's three major indexes dipped after Trump said North Korea "will be met with fire and fury" like the world has never seen if it threatens the United States. Sony Corp. shares in Tokyo dropped 1.6 percent. Energy stocks fell along with crude prices as investors kept an eye on the latest company earnings and geopolitical news.

"Trump's comments about North Korea have created nervousness and the fear is if the president really means what he said "fire and fury".

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USA equivalents fell 3 bps to 2.25 percent.

Japan's Nikkei 225 was down 1.25% and South Korea's Kospi declined 0.68%. The Dow slid 0.2 percent to 22,085.34.

The benchmark 10-year yield jumped to trade at 2.28% after the jobs openings and labour turnover survey showed a record number of job openings for June. Brent crude, the worldwide standard, lost 28 cents to $52.09 a barrel in London.

Politics lifted US defense stocks.

Eight of the 11 major S&P sectors were lower, with the consumer discretionary index's 0.59 percent fall leading the decliners. The euro fell to $1.1760 from $1.1793.

MARKETS ABROAD: In Europe, Germany's DAX rose 0.3%, and France's CAC 40 gained 0.2%.

The yield on the 10-year US Treasury note rose to 2.282% from 2.258% on Monday. Hong Kong's Hang Seng added 0.6%.

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