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S&P falls 1.4 percent in safety flight on North Korea tensions
12 Agosto 2017, 10:31 | Dolorita Barahona
By Sruthi Shankar
The rhetoric, which began late Tuesday and continued through Friday morning, cracked the calm that has cocooned the market for months, and threatened to trip up stocks' steady climb higher.
The CBOE Volatility Index - a measure of investors' expectations for swings in the S&P 500 over the next 30 days - surged 44% Thursday, to 16.04 - its highest level since U.S. Election Day.
The S&P's record close on August 7 likely helped fuel its latest sell-off.
South Korea's benchmark Kospi fell 1.1 per cent to the lowest since June 21, while the won fell the most in three weeks.
The Nasdaq gave up 13.31 (-0.21 percent) to close at 6,370.46, while the S&P 500 finished at 2,474.92, down 5.99 (-0.24 percent) from its open.
A weaker opening on Wall Street further added to the downward pressure in Europe.
The Energy Information Agency reported that oil inventories dropped by 6.5 million barrels in the week to last Friday, against the 2.7 million decline that had been expected.
But he also cautioned disappointing inflation data may delay interest rate increases. "That reset is being triggered by North Korea geopolitical concern and stretched valuations", said Peter Kenny, senior market strategist at Global Markets Advisory Group in NY.
The dollar pared gains slightly after Trump's North Korea comments, still supported by the job market data which underscored the view that the Federal Reserve has ammunition to continue on its tighter monetary policy path.
"I don't think this is something where you need to run for the hills and sell".
Trump continued to ramp up the rhetoric with a post on Twitter this morning indicating that the USA is prepared to take military action against North Korea. "Hopefully Kim Jong Un will find another path!"
Trump's threats have escalated since reports broke at the beginning of the week that North Korea had successfully produced a nuclear warhead that could fit inside its missiles.
The Straits Times Index sank 1.31 per cent or 43.52 points to 3,279.72, down 1.4 per cent for the week.
Oil prices settled lower after a volatile session on increasing exports from key OPEC producers and news of lower crude shipments from Saudi Arabia.
The technology sector was the S&P's biggest drag with a 2.2 percent drop. The stock fell 85 cents to $12.76.
Overseas markets were also lower Wednesday. The Japanese markets were closed for a holiday. European markets also dipped modestly. While the German DAX Index closed just below the unchanged line, the UK's FTSE 100 Index and the French CAC 40 Index both tumbled by 1.1%.
"It's a big move in the context of what we've seen in the course of this year, but in a bigger picture perspective the levels are still relatively moderate", said Harper. Yields on bonds move inversely to their price.
The North Korea situation isn't the only thing weighing on stocks.
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Wall Street lower on US-North Korea tensions
USA trading volume has been low with summer setting in and Congress expected to be in recess until September 5. Mounting tensions lifted U.S. defense stocks. "Geopolitics splashed cold water on the markets", said J.
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Flight-to-Safety Buying Drives Gold to a Two-month High
In commodities , USA crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day. Investors had sold riskier assets after strongly worded exchanges between Washington and North Korea late on Tuesday.