USA stocks rise after three-day slide; tech shares gain

Judith Bessette
Agosto 12, 2017

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 USA and North Korea.

"Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".

While the data gave investors appetite for growth sectors, such as information technology and biotechnology, it soured them to rate-sensitive stocks, such as banks, said Keith Lerner, chief market strategist at SunTrust Advisory Services Inc in Atlanta.

The tech-heavy Nasdaq composite index ended the week 1.5 percent lower at 6,256.56, including a 2.1 percent plunge Thursday, as President Trump delivered a warning to North Korean leader Kim Jong Un that the United States would respond to any further aggression.

The Dow Jones industrial average closed 14.31 points higher at 21,858.32 after briefly dipping into the negative territory.

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Phipps said investors were reassured after Dallas Fed President Rob Kaplan's said on Friday that the Fed needs more evidence of progress toward its inflation goal before raising rates again.

Almost $1 trillion has been wiped out from global equity markets since Trump's promise on Tuesday to unleash "fire and fury" on North Korea if it threatens the United States.

But the S&P Bank sub-sector fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits.

J C Penney became the latest retailer to suffer the consequences of weak earnings, diving 16.6 per cent after reporting a US$62 million loss in the second quarter.

People walk by New York Stock Exchange (NYSE) in the financial district in New York, US, August 10, 2017.

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