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Wall Street tumbles on North Korea worries
13 August 2017, 11:10 | Opal Carroll
S&P, Dow Hit Record Highs as Apple Climbs
USA stocks closed lower for the third day in a row Thursday, led by declines in technology companies and banks, two of the highest-performing sectors over the previous year.
US stocks were lower Wednesday afternoon as investors rushed to safe-haven assets after President Donald Trump's "fire and fury" warning to North Korea escalated tensions with the nuclear-armed nation.
The S&P/TSX composite index fell 143.08 points, or 0.94%, to 15,074.25, with almost all of its sectors moving lower.
Global benchmark Brent also fell 0.9 percent to $51.44, after Thursday's 1.5 percent drop. The Russell 2000 index of smaller-company stocks gave up 13 points, or 0.9 percent, to 1,396.
The CBOE Volatility Index, the most widely followed barometer of expected near-term USA stock market volatility, hit its highest mark since November 8, when Trump was elected president.
In Europe, equities dived with London losing 0.6 percent, while Frankfurt shed 1.1 percent and Paris fell 1.4 percent.
Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant.
Tensions with North Korea appear to have finally shaken the confidence of USA investors, after the S&P 500 opened 0.8% lower, threatening to end its 15-day streak with a closing streak of more than 0.3%, a 90-year record.
MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.48 percent lower.
Investors on Thursday scampered to safe-haven assets such as gold and the Swiss franc, helping the precious metal hit a more two-month high.
Among economic data, the U.S. Labor Department is likely to report that initial jobless claims remained unchanged at 240,000 for the week ended August 5. While the French CAC 40 Index fell by 0.6%, the German DAX Index slumped by 1.1% and the UK's FTSE 100 Index plunged by 1.4%. "That reset is being triggered by North Korea geopolitical concern and stretched valuations", said Peter Kenny, senior market strategist at Global Markets Advisory Group, New York.
The price of oil was also 0.3% ahead at 52.29 U.S. dollars a barrel, with stockpiles coming under pressure from falling crude oil imports and record processing at American refineries.
The price of gold rose 1% to 1,274.39 USA dollars per ounce, with Fresnillo and Randgold Resources up 72p to 1,544p and 200p to 7,380p respectively.
In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon.
"There is a low probability that we will have a war with North Korea", he said, and a larger pullback in stocks is "a buyable drop". The September copper contract was down two cents to US$2.91 a pound. Brent crude slid 80 cents USA, or 1.5%, to US$51.90.
USA crude oil +0.4% at $49.76/bbl. The euro slid to $1.1742 from $1.1752.
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The 42-year-old said his captors treated him better after he adopted Islam, giving him clothes, food and medication. He added that his captors thought that US President Donald Trump would draw more Muslims to fight against the West.
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North Korea: Millions Are Signing Up to Fight
North Korea responded by detailing a plan to fire ballistic missiles toward the US territory of Guam, home to USA military bases. The post France's Macron speaks to Trump, warns over N Korea escalation appeared first on Vanguard News .
Dow winning streak snapped as stocks drift lower
The pan-European FTSEurofirst 300 index lost 0.77 percent and MSCI's gauge of stocks across the globe shed 0.37 percent. Meanwhile, gold stocks are bucking the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.2 percent.