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Main » Dow streak of records ends amid US-North Korea tensions

Dow streak of records ends amid US-North Korea tensions

10 Août 2017

In 3.14pm trading, the Standard & Poor's 500 Index inched 0.06 percent lower.

All three major stock indexes dropped 0.2 per cent at the close, with the Dow Jones Industrial Average finishing at 22,085.34, halting a almost two-week run of closing records.

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

Following reports that USA intelligence suggests the North might be able to pair a nuclear warhead with a missile capable of reaching targets on the United States mainland, Trump warned North Korea that "it faces retaliation with fire and fury unlike any the world has seen before".

North Korea said it was considering a missile strike on the US military base in Guam, as US President Donald Trump threatened Pyongyang with "fire and fury".

Safe-haven assets such as gold and the Swiss franc were again in favor. The selling in U.S. markets started on August 8 after President Trump warned North Korea that threats will be "met with fire and fury". Economists had expected another 0.1% uptick.

Sociedad Quimica y Minera de Chile, one of the world's largest producer of iodine - a substance used to combat radiation - has seen its share price increase by over a third since the start of July.

BONDS: Bond prices rose.

A separate report from the Labor Department showed an unexpected uptick in initial jobless claims in the week ended August 5th.

The U.S. military has said it plans to increase its presence on Guam and will move thousands of U.S. Marines now stationed in Japan to the island between 2024 and 2028.

Stocks to watch: Blue Apron shares shot up 9% in premarket, helped in part by a beat on revenue (http://www.marketwatch.com/story/blue-apron-shares-climb-after-revenue-beat-better-customer-revenue-2017-08-10). Major indexes in Asia closed lower.

Cempra (CEMP) is leading the biotech sector lower, extending the pullback seen over the course of the previous session.

Homebuilders are also weighing on the index, following downbeat house prices data. A strong jobs report last Friday gave the dollar index its strongest daily performance this year. It usually moves opposite to stocks' movements and rises when the S&P 500 falls. The stock shed $1.37 to $4.74.

The RBNZ had held rates at a record low of 1.75 percent on Thursday and reiterated that policy would stay loose for a considerable time to come.

In overseas trading, stock markets across the Asia-Pacific region saw further downside during trading on Thursday. Hong Kong's Hang Seng dipped 1.1 percent to 27,444.00.

The euro inched down 0.2 percent to $1.1737 while the dollar index against a basket of major currencies added 0.1 percent to 93.662.

However, shares of Dean Foods tumbled, trading 20.1 percent weaker at US$11.96 as of 2.24pm in NY, after the U.S. dairy processor posted quarterly results that fell short of expectations and downgraded its full-year forecast amid "a challenging and rapidly evolving retail environment".

Dow streak of records ends amid US-North Korea tensions