Stocks Regain Ground But Still Close Lower For The Week

Persistent gold buying by local jewellers at domestic spot market stoked uptrend

The Dow slumped 204.69 points or 0.9% to 21,844.01, the Nasdaq plummeted 135.46 points or 2.1% to 6,216.87 and the S&P 500 tumbled 35.81 points or 1.5% to 2,438.21.

Despite the ongoing turmoil, investors' focus was slowly returning to the United States economy after Chicago Federal Reserve president Charles Evans said Wednesday it would be "reasonable" to announce the beginning of a reduction of the Fed's balance sheet next month. The yield on the 10-year Treasury note held steady at 2.26 percent.

The Labor Department said its consumer price index inched up by 0.1% in July after coming in unchanged in June. In Asia, several indexes closed lower overnight.

The North Korea situation isn't the only thing weighing on stocks.

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

Apart from geopolitical worries, some technical analysts like Tom McClellan, editor of the McClellan Market Report, blamed seasonality for this week's retreat given August's record as a weak month for stocks.

At 12:43 p.m. ET (1643 GMT), the Dow Jones Industrial Average was up 49.69 points, or 0.23 percent, at 21,893.7 and the S&P 500 was up 6.84 points, or 0.28 percent, at 2,445.05.

Equities fall on rising tension between US & North Korea
Penney slumped 24.4 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. 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.

North Korea raised the stakes further on Thursday with a detailed plan to send a salvo of missiles towards the US Pacific territory of Guam.

Canada's main stock index fell on Thursday despite a slew of better-than-expected quarterly results, as investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea. Gold rose 1.2%, while the Swiss franc was on track to post its biggest single day increase against the euro in about two-and-a-half years.

The Federal Reserve is also scheduled to release the minutes of its latest monetary policy meeting, which may shed some light on the outlook for the interest rates.

Latest holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell a slight 0.03 per cent to 786.87 tonnes on Monday, the lowest since March 2016. Australia's S&P/ASX 200 dropped 1.2 percent. The stock lost $142.20 to $1,906.80.

Shares of Snapchat parent Snap Inc.(SNAP) slid 14% a day after the company's earnings missed forecasts (http://www.marketwatch.com/story/snap-ceos-promise-cant-overcome-declining-ad-rates-stock-heads-toward-new-lows-after-earnings-2017-08-10), and the social-messaging company disclosed that average ad prices fell in the second quarter.

The Standard & Poor's 500 index fell 0.2 percent, to 2,474.92. The Russell 2000 index of smaller-company stocks gave up 10 points, or 0.8 percent, to 1,399. On the Nasdaq, 1,440 issues fell and 1,386 advanced. Economists had expected prices to rise by 0.2%. The Japanese market was closed in observance of the Mountain Day holiday.

Related News:

  • Arsenal's new €53 million man enjoys dream start to Premier League life

    Arsenal's new €53 million man enjoys dream start to Premier League life

    However, they will be without Alexis Sanchez , who has been ruled out for the first two weeks of the season amid rumours he is agitating for an exit .
    Mehbooba opposes repeal of Kashmir's special status - Newspaper

    Mehbooba opposes repeal of Kashmir's special status - Newspaper

    How many evidences are required more in order to understand that the opposition parties are against a harsh, BJP political party. Moreover, the Article 370 is part of the original constitution, and hence, the Article 35A also flows from it.
    Arsenal defeats Leicester City 4-3 in an incredible season opener

    Arsenal defeats Leicester City 4-3 in an incredible season opener

    Danny Welbeck levelled matters in first-half stoppage time, completing a fast-paced, pulsating first half of action. Albrighton crossed for Jamie Vardy to put Leicester ahead after Xhaka had gifted the ball straight to him.
  • U.S.  destroyer in South China Sea called 'provocation' by Beijing

    U.S. destroyer in South China Sea called 'provocation' by Beijing

    Today's operation will likely complicate Donald Trump 's hopes to persuade China to help rein in North Korea's nuclear programmes. A US Navy destroyer recently sailed near Mischief Reef in the disputed South China Sea in a freedom of navigation operation.
    New Orleans solar eclipse: Where to watch on August 21

    New Orleans solar eclipse: Where to watch on August 21

    You can find the glasses at online vendors including EclipseGlasses.com, Celestron , Explore Scientific and Meade Instruments. Total solar eclipses will cross the continental USA twice more in the next 30 years, on April 8, 2024 , and August 12, 2045 .
    Here's how Ezekiel Elliott could get completely banished from the NFL

    Here's how Ezekiel Elliott could get completely banished from the NFL

    At the time, Elliott was a new member of the Cowboys, having been drafted fourth overall following a stellar career at Ohio State. Elliott will be appealing the suspension and will have the full support of Cowboys owner Jerry Jones throughout the process.
  • United States  stocks tumble on North Korea worries

    United States stocks tumble on North Korea worries

    The local currency closed at 1,143.50 won against the USA dollar, down 1.50 won from the previous session's close. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq , a 3.60-to-1 ratio favored decliners.
    Japan deploys missile defence over N Korea threat to Guam

    Japan deploys missile defence over N Korea threat to Guam

    All of Seoul's 25 districts will participate in the drill this year, Shim said, compared to just five last year. During the Vietnam War, the Air Force sent 155 B-52 bombers to Guam to hit targets in Southeast Asia.

    Antero Resources Corporation (NYSE:AR) Receives Daily Coverage Optimism Score of 0.12

    As of the end of the quarter California Public Employees Retirement System had acquired 7,200 shares growing its holdings by 2.2%. Following the transaction, the insider now directly owns 106,692 shares in the company, valued at approximately $2,459,250.60.
  • Will North Korea rain on Wall Street's endless summer?

    Will North Korea rain on Wall Street's endless summer?

    The dollar was down 0.53 per cent against the yen at ¥109.48 (RM4.30), after briefly dropping as low as ¥109.53. South Korean stocks extended losses late Thursday morning as North Korea risks weighed on the main index.
    Will Twitter suspend Trump's account for 'threatening nuclear war' against North Korea?

    Will Twitter suspend Trump's account for 'threatening nuclear war' against North Korea?

    The influence of China in Pyongyang seems to be greatly reduced since Kim Jong Un became the North Korean leader in December 2011. As the crisis has unfolded, Trump has alternated praising China for its help and chiding it for not doing more.
    Matsuyama knocks on the major door

    Matsuyama knocks on the major door

    Friday, completed 11 holes before the horn sounded while he was preparing for a putt on the par-4 third hole. Day and Stroud were two shots behind while Louis Oosthuizen and Francesco Molinari of Italy were three back.


Most liked

USA tells China to fully execute NKorea sanctions
Seoul had recently tested the missile shield successfully amid tests carried out by North Korea. But he applauded the Security Council vote on Twitter.

Live cricket score, India vs Sri Lanka, 3rd Test, Day 2, Pallekele
In between, he did return to the Gentlemen's arena for the ODI series against West Indies, and proved impressive too. At times, the pacers received unexpected movement into the batsmen, a worrying sign for the coming days.

Wenger gives updates on new Arsenal deal for Alexis Sanchez
At the moment, negotiations are going on, but it appears as if both club and player are having a hard time coming to a new deal. Manchester United , Manchester City , and Chelsea have spent millions of pounds in just a few weeks to boost their squad.

ESports Could Be Coming to the 2024 Olympics
Esports will be a fully recognised event at the 2022 Asian Games, though details of the games to be contested have not been revealed. "Let's try if we can find some bridges or not".

Wall Street finished a hard week on a high note
The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday. They have soared over 2 percent in the previous two sessions, and are set for a weekly gain of 2.25 percent.

Himachal landslide: Eight bodies recovered, PM Modi pained by loss of lives
One of the state roadways bus was hit by the landslide debris and skidded off the road, falling down by nearly a kilometre. Mandi deputy commissioner, along with officials from administration and police is also camping at the spot.

Anna Paquin 'claims' the breasts seen on BBC News At Ten
Furthermore, she also made fun of the news channel's statement that they are going to look into the matter, wondering what that could possibly mean.

Sally Pearson roars back to win world 100m hurdles gold
Her next challenge will be winning a third successive Commonwealth title on home soil on the Gold Coast next year. Hilliard said it was hard to overstate what Pearson had overcome to get back to the top of the world.

Upton walk-off homer caps wild, seesaw win for Tigers
Berrios may be struggling while Zimmerman has been okay lately, but I don't trust Zimmerman to lead the Tigers to a win today. His heroics were on display once again Saturday night as he carried the Tigers to a 12-11 walk off victory over the Twins.

Arsenal urged to avoid a Robin van Persie situation with Alexis Sanchez
He added: "I'm convinced in 10 or 15 years it will not necessarily be a football specialist who is a manager of a club". When asked if Arsenal have received any bids from PSG for the 28-year-old, Wenger replied: "I can not tell you that".

Canadian Army Builds Tents for Asylum Seekers Fleeing US
Canada's CBC News said authorities have struggled in recent weeks to handle the influx of asylum seekers at Roxham Road. The same could happen in Canada if an asylum seeker's claim is rejected.

Amber Heard and Elon Musk speaks out about break up
Originally, it was thought the only change to Autopilot hardware for the new Model 3 was the addition of a driver-facing camera. Right now, the goal is to get the affordable electric vehicle out of "production hell," per a tweet by Musk.

Bryce Harper Helped Off Field After Suffering Scary Knee Injury
He immediately grabbed his left knee while falling to the ground and writhed in pain behind first base. Harper fell to the ground and held his left knee for several minutes after making the second out.

West Brom fans react on Twitter to Jay Rodriguez's performance
Tony Pulis hopes he can take West Brom to the next level after signing a contract to remain as head coach until 2019. Pulis said: "We want everyone to chip in and the quality we got from set plays today was absolutely fantastic".

Stephen McGown Assumed Al-Qaeda Release Was 'Joke'
But I think they saw it as their duty to accept it, even though I have a hard time believing that they actually believed me'. The 42-year-old said his captors treated him better after he adopted Islam, giving him clothes, food and medication.