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Dow Falls Nearly 205 Points as North Korea Tensions Persist
13 August 2017, 07:11 | Cesar Cruz
S&P, Dow hit record highs as Apple climbs
Britain's FTSE 100 added 0.1 percent.
More than 430 stocks from all USA exchanges hit their lowest levels in 52 weeks or more on Thursday, the most for any session since mid-November right after Trump was elected.
Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements. Other safe havens were the Swiss franc and gold.
The Nasdaq Composite was down 37.30 points, or 0.59%, at 6,315.03.
Shares of SeaWorld Entertainment Inc. slid 6.2 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations.
The consecutive drops were primarily in response to the frightening feud between North Korea's Kim Jong Un and President Donald Trump, who promised to hit North Korea with "fire and fury" if it makes any further threats to the U.S. Kim immediately responded by threatening Guam - a U.S. territory - with a preemptive nuclear strike.
Investors have enjoyed a global stock rally with few interruptions this year, something many have attributed to the improving health of US companies and steady global economic growth.
The FTSE 100 Index closed down 79.98 points to 7,309.96, with President Donald Trump tweeting that the U.S. military is "locked and loaded" as he warned North Korea over its continuing threats. The risk-off tone triggered by the increase in tension between the USA and North Korea yesterday picked back up during today's United States session.
Bond prices rose. The yield on the 10-year Treasury fell to 2.20 percent.
"The high drama has prompted traders to take their cash out of stocks, and invest it in safer assets like gold". The Russell 2000 index of smaller-company stocks ticked up 0.2% to 1,416.
Valeant's stock, which rallied a day before following quarterly results, sank 9.6 percent to C$17.85 after it said its subsidiaries in Australia were the subject of a tax audit.
Offsetting the declines was a 0.4 percent gain by the materials group, which includes gold producers.
Shares were down 15.5p to 1,826p.
MARKETS OVERSEAS: In Europe, Germany's DAX fell 1.1 percent, while France's CAC 40 slid 1.4 percent.
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.
With Japanese markets closed for a public holiday, Hong Kong led the downward charge in Asia-Pacific as the Hang Seng lost more than two percent. Brent crude, used to price worldwide oils, declined 29 cents to $51.61 per barrel in London. The contract fell 97 cents, or 2 per cent, to close at $48.59 a barrel on Thursday.
CURRENCIES: The dollar rose to 109.24 yen from 109.20 while the euro weakened to $1.1756 from $1.1773.
Navios Maritime Holdings Inc
Vanguard Group Inc. owned 0.11% of Navios Maritime Acquisition Corporation worth $242,000 as of its most recent SEC filing. The Pennsylvania-based Nationwide Fund Advsr has invested 0% in Navios Maritime Acquisition Corporation (NYSE:NNA).
Equities fall on rising tension between US & North Korea
Barrick Gold Corp rose 2.3 per cent to C$21.74 as the price of gold, a safe-haven asset, reached its highest levels in two months. Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen JPY= rose.
Gold steady near 2-mth highs as N. Korea tensions continue
Earlier in the week, Trump said the USA would unleash " fire and fury " on North Korea if it continued to threaten the U.S. An index of 15 gold miners tracked by Bloomberg Intelligence climbed 1.1 percent, led by Toronto-based Yamana Gold Inc.