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prensaestatal.com Noviembre 19, 2017


Stocks plunge over North Korea tensions

12 Agosto 2017, 02:32 | Dolorita Barahona

US: Dow streak of records ends amid US-North Korea tensions

People watch news report showing North Korea's Hwasong-14 missile launch on electronic screen at Pyongyang station North Korea

Currently, the major averages remain in positive territory but off their best levels of the day.

In New York, the Dow Jones industrial average fell 36.64 points to 22,048.70, the S&P 500 index inched down 0.90 of a point to 2,474.02 and the Nasdaq composite index lost 18.13 points to 6,352.33.

WALL STREET: U.S. stocks closed lower on Thursday led by technology companies.

The Labor Department said its producer price index for final demand edged down by 0.1 percent in July after inching up by 0.1 percent in June.

Raytheon, which manufactures Tomahawk cruise missiles jumped +2.57% while other defense contractors such as Lockheed Martin (+1.71%), Northrop Grumman (+1.22%) and L3 Tech (+1.99%) also saw gains. Economists had expected another 0.1 percent uptick.

The consumer price data, which pointed to weak inflation, could cause the Federal Reserve to hold off from raising rates again this year.

Global stock markets have sunk further into the red after Donald Trump ratcheted up his fiery rhetoric over North Korea's nuclear threats. He said that North Korea "can be very very nervous" if it acts on either the United States or its allies, and warned that "things will happen to them like they never thought possible".

While this gave investors some hope after a jittery week, there were still signs of nervousness in choppy late afternoon trading, primarily due to ongoing threats between the United States and North Korea. He issued a new warning to Pyongyang, tweeting: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely". "The North Korea situation appears to be the culprit". The pan-European FTSEurofirst 300 index lost 0.75 percent and MSCI's gauge of stocks across the globe shed 0.33 percent.

"The escalation of the geopolitical situation between the US and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial. The index is bouncing off its lowest closing level in six months.

Overseas markets were also lower Wednesday.

After a dip of as much as 0.52 percent earlier in the day, investors appeared to take some comfort in Tillerson's comments, said Richard Steinberg, managing director at HighTower Advisors in NY.

Japan is the world's biggest creditor nation and there is an assumption Japanese investors may repatriate their foreign holdings in times of heightened global uncertainty. The FTSE 100 ended 44.67 points lower at 7498.06. The sell-off has extended to the European and Asian sessions on Friday.



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