Dow falls more than 100 points as North Korea tensions linger

Gladys Abbott
August 13, 2017

The Nasdaq finished the day at 6,216.87, a slide of 135.46, while the S&P 500 lost almost 1.5 percent, ending the day at 2,438.21. Eastern time. The Dow Jones industrial average slid 120 points, or 0.5 percent, to 21,928. The S&P 500 added 0.3%, though it was on course to end the week down 1.3%, its biggest loss since March. Hong Kong's Hang Seng Index plunged by 2 percent, while South Korea's Kospi Index slumped by 1.7 percent. Shanghai's main index also tumbled 1.6 percent to 3,208.54 while Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10. Prices for bonds and gold headed higher. In three days. the Nasdaq has lost 2.6% - the most since last September. On the Nasdaq, 1,685 issues fell and 615 advanced favoring decliners.

USA stocks moved lower in morning trading Wednesday as traders weighed the growing tensions between the US and North Korea.

The latest tensions began after U.S. President Donald Trump on Tuesday warned North Korea that it would face "fire and fury" if it threatened the United States.

North Korea on Thursday outlined details for a missile strike near the USA territory of Guam, adding fuel to rising tensions with the United States.

"Given the great run we've had, seems like some sort of pullback wouldn't be surprising", said Michael Baele, managing director of investments at U.S. Bank Private Wealth Management.

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Stocks ended more than one percent down in Seoul while the won slumped to a three-week low against the dollar as the U.S. president and South Korea's volatile neighbour dramatically ramped up their war of words. "What's happened in North Korea is enough to do that". USA stocks headed lower in early trading Wednesday, Aug. 9, 2017, as traders weighed the growing tensions between the US and North Korea. "When earnings are not beating expectations there's a sell off in the companies, and we're just not seeing that money reinvested because of the geopolitical risks".

Perrigo surged 16.08 percent after the drugmaker raised its full-year adjusted profit forecast. The stock fell $3.30 to $30.09.

J.C. Penney slumped 24.4 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. Macy's was down 4.4 percent after the company said its sales continued to decline in the second quarter. The Nasdaq composite fell 45 points, or 0.7 percent, to 6,324.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 8.6 percent.

Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange. The euro fell to $1.1735 from $1.1752.

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