Markets

Stocks Regain Ground But Still Close Lower For The Week

Stocks Regain Ground But Still Close Lower For The Week

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or USA allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory.

While the Nasdaq climbed 39.68 points or 0.6% to 6,256.56, the Dow inched up 14.31 points or 0.1% to 21,858.32 and the S&P 500 edged up 3.11 points or 0.1% to 2,441.32.

North Korea said it was considering plans to fire missiles at Guam, a USA -held Pacific island, after President Trump's warning on Tuesday.

The Straits Times Index sank 1.31 per cent or 43.52 points to 3,279.72, down 1.4 per cent for the week.

President Trump took aim at North Korea again on Thursday, saying that his earlier threat to unleash "fire and fury" may not have gone far enough.

The S&P's record close on August 7 likely helped fuel its latest sell-off.

The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday. Travel-review website operator TripAdvisor was down 2.7 percent.

Oil prices were under pressure (http://www.marketwatch.com/story/oil-prices-head-lower-as-global-tensions-continue-unabated-2017-08-11), with prices ticking lower after the International Energy Agency said oil supply rose for a third month as compliance with an OPEC output deal faltered.

Nordstrom shares were up 1.63 percent at $45.60 following the apparel retailer's better-than-expected quarterly same-store sales.




The London market endured heavy losses on Friday as America's stand-off with North Korea inspired another round of selling.

According to data from Bloomberg, the price of gold rose as much as 1.59% to £1,276, while the price of silver spiked 2.61% to $16.84 as some investors looked to safe-haven assets following the growing row.

Most South-east Asian stock markets closed lower too, as investors flocked instead to traditional safe-havens such as gold, the Japanese yen, and the bond market.

Crude oil was 0.5 percent higher with prices at $49 per barrel.

Other markets in Europe also fell, with Germany's Dax index down 0.6% and France's Cac 40 dropping 1.25%.

The job openings data "were certainly the latest metric to highlight tightening labor market conditions in the USA and to that extent that's certainly a dollar-positive data", said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. On the Nasdaq, 1,846 issues fell and 953 advanced favoring decliners.

Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.1905 percent, from 2.211 percent late on Thursday.

The pound was up 0.3% against the euro at 1.1091 and down nearly 0.1% on the dollar at 1.2994. Crude briefly pared losses in late trading after US inventories fell more than expected last week.