United States stocks tumble on North Korea worries

Ivan Schwartz
August 13, 2017

FIRE AND FURY: Keeping up his tough talk, U.S. President Donald Trump told reporters that North Korean leader Kim Jong Un's government should "get their act together" or face the consequences, and suggested that his earlier threat to unleash "fire and fury" on North Korea was too mild.

Meanwhile, market bellwether Samsung Electronics Co. backtracked 2.05 percent, and No. 2 chipmaker SK hynix Inc. was down 2.56 percent.

The Dow slumped 204.69 points or 0.9 percent to 21,844.01, the Nasdaq plummeted 135.46 points or 2.1 percent to 6,216.87 and the S&P 500 tumbled 35.81 points or 1.5 percent to 2,438.21. The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95.

Calendar second-quarter earnings have been mostly better than expected, with growth surpassing initial expectations and most S&P 500 companies topping profit and sales estimates. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33.

The Dow slid as declines in Apple and Goldman Sachs, down 2.3% and 1.7% respectively, outweighed gains in McDonald's and Coca-Cola, up 1.4% and 0.5% respectively.

The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts.

Virginia governor to white supremacists: "Go home"
Punches and objects were thrown, prompting Virginia Governor Terry McAuliffe to declare the state of emergency . A silver Dodge Challenger smashed into another auto , then backed up, barreling through "a sea of people".

Private school lands in trouble over special uniform
The decision came after the state education department has sought a report from the district education officer regarding the same. All the students were advised to follow the same in the new academic session which started back in June.

Sweet 16 for Federer as he books Rogers Cup final berth
For nearly two decades, spectators have flocked to Federer's breathtaking matches and followed the ebb and flow of his career. Fourth seeded Alexander Zverev defeated South Africa's Kevin Anderson 7-5, 6-4 to set up a clash with Shapovalov.

Escalating tensions around Pyongyang's nuclear ambitions sent a shiver through markets worldwide and pushed the dollar to below 109.7 yen in afternoon forex trade to an eight-week low against the safe haven currency, piling more pressure on Japanese stocks.

Disney dropped 4.5% after reporting a weak quarter and saying it would pull its movies from Netflix and start two of its own video streaming services. And Blue Apron shares dipped after its first earnings report as a public company. Rival Advanced Micro Devices was also down 2.6 percent. The company booked a hefty charge and said its CFO is leaving the company.

Health-care stocks, which have been in a slump, posted gains. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.

On the currency front, the US dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday. Silver gained 14 cents to $16.39 an ounce. Brent crude, used to price worldwide oils, gained 56 cents, to $52.70, in London. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. Copper rose 4 cents to $2.94 a pound.

Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in July, matching the increases seen in the three previous months.

Other reports by GizPress

Discuss This Article

FOLLOW OUR NEWSPAPER