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12 August 2017, 10:51 | Cesar Cruz
Wall Street falls after Trump warning to North Korea
United Kingdom stocks headed sharply lower again on Friday, as the escalating tensions between the US and North Korea rattled investors and helped drive a global selloff.
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.
USA stocks ended lower on Thursday, and Asian markets fell sharply, with Hong Kong's Hang Seng index dropping 2%.
On Thursday, North Korea's state media kept up its anti-U.S. rhetoric, saying the nation will develop a plan by mid-August to launch intermediate-range missiles at Guam.
European markets registered their worst weekly loss this year on Friday amid rising tensions between USA and North Korea.
The yen is perceived as a safe haven because Japan is the world's biggest creditor country and investors there have tended to repatriate funds in times of crisis.
The dollar index was last down 0.12% at 93.30.
Many markets had already been at record or multi-year highs after an extended rally, leaving them vulnerable to a sell-off.
The index was also dragged lower after Beijing ordered probes into three major Chinese social networking platforms over outlawed content.
Celebrity Big Brother 2017
Sarah Harding agreed, saying: "Can K come back?" The show will air at 9PM on 5Star and 10:30PM on Channel 5, due to the football. To her credit, Trisha stuck by her word and walked out following the live show.
For the week the S&P fell 1.4 percent and the Dow lost 1.1 percent - their largest weekly drops since the week ending March 24 - and the Nasdaq was off 1.5 percent.
The market also awaited U.S. consumer inflation data on Friday that would offer more clues about the pace of the U.S. Federal Reserve's monetary tightening. Nine of the index's 10 main groups ended lower.
This increase in tension between the U.S. and North Korea seem to be affecting the oil prices as well as they have dropped through the $49 region and now trade just above the $48 region as of this writing and continues to look weak.
This week has seen its biggest rise since June 2016.
"On many occasions, we've also heard from the Russians, and from Russian oil producers, that once the deal is complete and free production reigns again that Russia will prime the pump", said Greg McKenna, an analyst at AxiTrader. 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%.
The euro eased 0.1 per cent to $1.1766, staying below a high of around $1.1910 set last week, the euro's strongest level in 2-1/2 years.
An editorial in China's state-run Global Times (http://www.globaltimes.cn/content/1060791.shtml), published late Thursday local time, added to the pressure on Asian markets.
Elsewhere in commodities, the September crude contract advanced 20 cents to $49.76 per barrel and the September natural gas contract was up seven cents to $2.95 per mmBTU.
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Barrick Gold Corp rose 2.3 percent to C$21.74 as the price of gold, a safe-haven asset, reached its highest levels in two months. In the eurozone, the Paris CAC 40 lost 0.6 percent and Frankfurt's DAX 30 shed some 1.2 percent.
Unlike Sun, Guam trusts in President Trump
North Korea said earlier this week it would complete plans to launch missiles into the waters near Guam by mid-August. Eddie Calvo, the president tried to reassure the residents of the island, saying, "We are with you 1000 percent ....