Markets extend losses as Korea tensions escalate

Judith Bessette
Agosto 13, 2017

The Dow Jones Industrial Average closed down 204.69 points, or 0.93 percent, at 21,844.01, the S&P 500 lost 35.81 points, or 1.45 percent, to end the session at 2,438.21 and the Nasdaq Composite fell 135.46 points, or 2.13 percent, to 6,216.87.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday.

Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood.

In the United Kingdom, gold mining stocks Randgold Resource and Fresnillo were among the few to gain - up 2.8% and 4.9%.

U.S. stocks deepened their losses following the latest Trump comments, and the S&P 500 volatility index, known unofficially as the "fear index", rose decisively.

Smaller-company stocks also fell sharply. TripAdvisor shares shed $1.75, or 4.4 percent, to $37.80.

Macy's shares closed down 10.2 percent and Kohl's fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off. The stock fell 76 cents to $5.48. Dillard's slumped 13.8 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts.

Hope that the Fed will have to slow its rate hike path appeared to stop, at least for now, the near $1-trillion loss in world stocks valuations this week triggered by the war of words between Pyongyang and the United States. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Inês Henriques sagra-se campeã mundial nos 50 km de marcha
Inês Henriques conquistou a medalha de ouro no Campeonato Mundial de Atletismo em Londres, ao vencer a prova de 50 km de marcha. Esta é a segunda medalha para Portugal, depois do bronze de Nelson Évora, na prova de triplo salto.

Shares of Snap were off about 15 percent premarket following the social media company's earnings that came below estimates and a slew of price target cuts.

A small rise in a measure of USA consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favorable to equity investors.

Data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

September-dated crude futures settled up 0.8%, or 39 cents, at $49.56 per barrel.

MARKETS OVERSEAS: Major indexes in Europe were headed lower. Brent crude, used to price worldwide oils, added 10 cents to $52.80. Germany's DAX fell 1.2 percent, while the CAC 40 in France lost 0.7 percent. It rose $16, or 1.3 percent, to $1,278.60 an ounce. Earlier in Asia, Japan's benchmark Nikkei 225 slipped less than 0.1 percent, while Hong Kong's Hang Seng slid 1.1 percent.

CURRENCIES: The dollar slipped to 109.78 yen from 110.06 late Wednesday in Asia. Both the core and headline rates are expected to have risen by 0.2 percent during July. The euro fell to $1.1749 from $1.1752.

USA crude fell 0.41 percent to $48.39 per barrel and Brent was last at $51.68, down 0.42 percent on the day.

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