United States stocks tumble on North Korea worries

Trade Center left and 7 World Trade Center in New York. Technology companies were leading a broad slide in U.S. stocks in early trading Thursday Aug. 10 2017 as investors pored over

Positive sentiment was also generated by a report from the Labor Department showing a modest uptick in consumer prices in the month of July.

Despite the drop, analysts said the market seemed to be a bit skeptical that the North Korea situation would grow into a major crisis, noting that the losses were still not that deep.

Bond prices, which move inversely to yields, closed higher. Nine of the index's 10 main groups ended lower. Eastern time. The Dow Jones industrial average slid 120 points, or 0.5 percent, to 21,928. 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 gave up 24.40 points, or 1.7 percent, to 1,372.54.

Wall Street got bathed in a sea of red Thursday amid mounting tensions between the U.S. and North Korea. South Korea's KOSPI fell 1.8 percent to almost a three-month low.

However, an Associated Press report that the US and North Korea have been engaged in back channel talks (https://apnews.com/686ac7c761694b28b67793a1d8297145?link=mktw) for several months even as they exchange incendiary threats helped to soothe some of the jitters.

Wall Street stocks dropped early Thursday after North Korea announced a plan to send missiles towards Guam, raising the stakes of a nuclear standoff with the United States.

Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners.

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Several financial sector companies also helped pull down the market.

Smaller-company stocks also fell sharply. Kohl's also declined, sliding $3.62, or 8.6 percent, to $38.31.

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.

On the currency front, the USA dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday. It added 39 cents to $49.56 a barrel on Wednesday.

The local currency closed at 1,143.50 won against the USA dollar, down 1.50 won from the previous session's close. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. Britain's FTSE 100 sank 1.3 percent.

Some still believe that market impact from North Korea's provocation is likely to be muted as MSCI Asia ex-Japan Index tests a trend line supporting the benchmark since its low in December. South Korea's Kospi fell 0.5 percent. In Australia, the S&P/ASX 200 was down 1.13%.

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