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.

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.

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.

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