Economy

Dow plummets 205pts as Trump inflames Korea tension

Dow plummets 205pts as Trump inflames Korea tension

In his latest warning to North Korea, U.S. President Donald Trump said on Friday military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely". Gold and bond prices were headed higher.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, ended at a session low of 11.11 after rising as high as 12.63.

At the close trading in NY, the Dow Jones Industrial Average was down 204.69 points, or 0.9%, to 21,844.01, its biggest one-day fall since May 17. The Nasdaq composite lost 114 points, or 1.8 percent, to 6,237.

The Standard & Poor's 500 index dropped 35.81 points, or 1.4 percent, to 2,438.21.

Wall Street stocks dropped early Thursday after North Korea announced a plan to send missiles towards Guam, raising the stakes of a nuclear standoff with the United States. Pyongyang said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base.

Moto X4 leak shows alleged specs and pictures
The Moto X4 screen is IPS-matrix with a diagonal of 5.5 inches and Full HD resolution, and it is closed by glass Gorilla glass. The Moto X4 will also be IP68 dust and water resistant, offering additional protection for those with butter fingers.

The markets may benefit from bargain hunting, as some traders look to pick up stocks at reduced levels following the pullback seen over the past few sessions. Reuters analysis of Nvidia's share price dive points to its data-center business which wasn't as glowing as the rest of its results. The stock lost $5.07 to $101.91.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. Bank of New York Mellon fell $1.74, or 3.2 percent, to $52.30, while Citizens Financial Group slid $1.11, or 3.2 percent, to $33.92.

RETAIL SLUMP: Disappointing quarterly results from big department store chains put investors in a selling mood.

Avis Budget Group Inc. slumped 9.9 percent after the auto rental company cut its guidance following a weak second quarter. Among the more popular stocks lifting indexes were Microsoft (+1.54%), Cisco (+1.42%), Apple (+1.39%) and Netflix (+1.36%). Dillard's slumped 15.5 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts. Blue Apron shares tumbled almost 18%, despite a beat on revenue. Netflix also fell, giving up $4.57, or 2.6 percent, to $173.79.

Bond prices were little changed.

TSX falls as North Korea tensions spur flight to safety
Computer hardware stocks rebounded following recent weakness, with the NYSE Arca Computer Hardware Index climbing by 1.4 percent. Trump's comments followed reports the North has mastered a technology needed to strike the United States with a nuclear missile.

The benchmark USA yield on Thursday was just above 2.2 percent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor. It added 39 cents to $49.56 a barrel overnight. Brent crude, used to price worldwide oils, slid 52 cents, or 1 percent, to $52.18.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday.

Gold fell $2.10 to $1,262.60 an ounce.

The market indexes wavered between small gains and losses for much of the morning, then veered lower by afternoon. Germany's DAX fared better, trading only 0.2 percent lower at 11,989. Britain's FTSE 100 sank 0.7 per cent to 7,447.21. Earlier in Asia, Japan's benchmark Nikkei 225 slipped less than 0.1 percent, while Hong Kong's Hang Seng slid 1.1 percent.

The Labor Department said its consumer price index inched up by 0.1 percent in July after coming in unchanged in June.

Iowa's three potential license plate designs unveiled
Iowa State Fairgoers are being allowed to vote on the designs in the DOT's booth at the fair. "We are forward thinking". The design was created by the Iowa DOT graphic artist with help from the governor's office and several state agencies.


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