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vegassports-odds.com May 24, 2018


Stocks fall as tensions with North Korea escalate

12 August 2017, 02:41 | Melvin Schneider

The Dow Jones Industrial Average.DJI closed down 204.69 points, or 0.93 percent, at 21,844.01, the S&P 500.SPX lost 35.81 points, or 1.45 percent, to end the session at 2,438.21 and the Nasdaq Composite.IXIC fell 135.46 points, or 2.13 percent, to 6,216.87.

The utilities index.SPLRCU, often seen as a bond proxy because of its companies' slow reliable growth and high dividends, was the only S&P sector that ended the day up, showing a 0.25 percent gain.

Markets have been rattled by escalating tensions between the US and North Korea, after Pyongyang said it was considering a missile strike on the US Pacific territory of Guam.

At 10:51 a.m. ET (1451 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 26.64 points, or 0.17 percent, to 15,229.71. The general also outlined plans to launch four Hwasong-12 ballistic missiles to strike the sea around US territory Guam.

On the United States economic front, the Labor Department released a report showing labor productivity increased by slightly more than expected in the second quarter. The Dow slid 0.2 percent to 22,085.34.

The S&P's record close on August 7 likely helped fuel its latest sell-off. Or are people using these geopolitical concerns as an excuse to take money out of the market -- tech stocks in particular?

'Escalating tensions between the USA and North Korea seriously spooked the European indices after the bell.

The threat, reported by he state-run KCNA news agency, came just hours after USA president Donald Trump warned any threat to the U.S. would be met with "fire and fury".

Friday was a bit different, as most markets rose. Economists had expected productivity to increase by 0.7%.

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The group reported a 16.7% rise in pre-tax profits to £237 million in the six months to June 30, while revenue rose 12.5% to £3.97 billion.

He has now gone further, saying the warning may not have been tough enough and that if North Korea did what it had threatened, it faced "an event the likes of which nobody's seen before". Seagate shares rose 74 cents to $32.29. They are looking for confirmation the Fed is sticking with plans for a possible December interest rate hike.

Priceline sank 6.9 per cent as it projected third-quarter earnings below analyst expectations. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 2.228%.

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

Major U.S. indices had posted record highs in recent weeks.

Gold added $3.90 to settle at $1,294 an ounce. The September copper contract was down two cents to US$2.91 a pound.

The last time the S&P 500 fell over 1 percent was on May. 17.

The Japanese yen strengthened by 0.5 per cent to around 109.70 per dollar. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%. The euro edged down to $1.1727 from $1.1751.



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