March 17, 2018

Stocks tumble on North Korea worries

13 August 2017, 02:26 | Melvin Schneider

Persistent gold buying by local jewellers at domestic spot market stoked uptrend

Persistent gold buying by local jewellers at domestic spot market stoked uptrend

USA stock indexes opened higher for the first time in four days on Friday after tepid data pointed to benign inflation that could make the Federal Reserve cautious about raising rates again this year, even as concerns lingered over rising tensions between the United States and North Korea.

"I will tell you this, North Korea better get their act together or they're going to be in trouble like few nations ever have been in trouble in this world", Trump said.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Trump's warning on Tuesday.

The broad-based S&P 500 shed 0.6 percent to 2,459.50, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 6,299.12.

If the North Korean regime "does anything" to the United States or a U.S. ally "things will happen to them like they never thought possible", he told reporters on Thursday, according to Bloomberg.

Macy's was down 8.9 per cent after the company said its sales continued to decline in the second quarter.

The strength on Wall Street is partly due to bargain hunting, with traders picking up stocks at reduced levels following the pullback seen over the past few sessions.

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At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was up 54.06 points, or 0.25%, at 21 898.07, the S&P 500 was up 5.23 points, or 0.21%, at 2 443.44.

Wall Street's fear gauge - the CBOE Volatility Index or the VIX - surged 44%, its second-biggest one-day jump of the year. Advanced Micro Devices gave up 38 cents, or 3 per cent, to $12.45.

Shares of Apple, Amazon and Facebook fell more than 2% Thursday.

Tokyo's Nikkei 225 share index closed down 1.3 per cent at its lowest since June 1 as the strong yen hit exporters, while South Korea's KOSPI index fell 1.1 per cent to seven-week lows. Kohl's also declined, sliding $3.08, or 7.3 per cent, to $38.85. Chinese blue chips closed flat but Hong Kong's Hang Seng fell 0.4 per cent. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.

The Labor Department said its Consumer Price Index edged up 0.1 percent last month, which was below the 0.2 percent rise expected by economists polled by Reuters. South Korea's Kospi fell 0.5 per cent. Australia's S&P/ASX 200 edged down almost 0.1 per cent. It added 39 cents to $49.56 a barrel on Wednesday. Germany's DAX Index fell 0.6%, the UK's FTSE 100 Index retreated 1.2% and France's CAC 40 Index slid 1.4%.

On the currency front, the USA dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday.

"But looking ahead unless we start to see a conflict break out or a major stock market correction, (gold) is capped at 1,295 (although) the upside at moment is the favored direction".

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