techkenyot.com
techkenyot.com August 21, 2017


North Korea tensions are set to cause a stir on Wall Street

13 August 2017, 03:22 | Hattie Nash

North Korea tensions are set to cause a stir on Wall Street

Gold prices hit 4-month high on geopolitical risks

That weighed on bank shares, which were down the most. Netflix also fell, giving up $2.58, or 1.4 percent, to $175.78.

The Nasdaq Composite was up 38.25 points, or 0.62 percent, at 6,255.12.

At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average was up 54.38 points, or 0.25 percent, at 21,898.39, the S&P 500 was up 8.69 points, or 0.35 percent, at 2,446.90.

The dollar index, which gauges the greenback against the currencies of six major United States trading partners, was last 0.2% down on the day during afternoon European trading hours - it stood at 93.20.

East West Bancorp, Inc. (EWBC) Rating Lowered to Sell at BidaskClub
In other news, insider Bryan Leighton Kindopp sold 766 shares of the business's stock in a transaction dated Monday, June 12th. The financial services provider reported $0.81 EPS for the quarter, meeting the Thomson Reuters' consensus estimate of $0.81.

North Korea raised the stakes further on Thursday with a detailed plan to send a salvo of missiles towards the US Pacific territory of Guam. Economists had expected prices to rise by 0.2 percent. In particular, July headline inflation came in at 0.1% month-month in July, falling short of expectations for CPI growth to stand at 0.2% - still this was better than June's 0.0%.

"What we're seeing today is political tensions over North Korea and the United States. making people nervous", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

The S&P 500 index had its biggest one-day drop in nearly three months on Thursday (Aug 10) as investors fled riskier assets, with technology stocks leading the charge, in response to an increasingly aggressive exchange of threats between the United States and North Korea. Gold rose 1.2 per cent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years. It's still the highest it's been since May.

Nevsun Resources Ltd offset some of the material group's gains, plunging 18.4 percent to C$2.685 after the company reported disappointing quarterly results. Seagate Technology was up 2.2 percent. The stock was the biggest gainer in the S&P 500.

Korean shares open lower amid escalating tensions over N. Korea
Dillard's slumped 15.5 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts. The pan-European FTSEurofirst 300 index lost 1.01 percent and MSCI's gauge of stocks across the globe shed 0.12 percent.

HIT THE ROAD: Camping World Holdings jumped 7 percent after the recreational vehicle retailer and services provider posted earnings that easily beat analysts' forecasts.

The strength on Wall Street was partly due to bargain hunting, with traders picking up stocks at reduced levels following the pullback seen over the past few sessions.

Minneapolis Fed President Neel Kashkari, who has advocated for the Fed to halt interest rate hikes until inflation picks up gain, on Friday said his colleagues are telling each other "a ghost story (http://www.marketwatch.com/story/feds-kashkari-says-central-banks-hawks-are-spooked-by-ghost-story-of-higher-wages-2017-08-11)" about higher wage inflation that scared them into raising short-term rates. Brent crude, used to price global oils, declined 40 cents to $51.50 per barrel in London.

In currencies, the yen rose 0.8 percent versus the greenback at 109.2 per dollar, the strongest level for the Japanese currency since mid June. It was last up 1.2% at 1.1305 per euro.

South African bodybuilder Sifiso Thabete dies tragically after attempting 'signature back-flip'
Anxious officials raced toward the former junior world champion as he remained motionless, but it seemed too late. He most recently won the IFBB Muscle Mulisha Grand Prix competition in July in the under-23, 75kg division.

BONDS: Bond prices were rose. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 2.3 basis points to 2.189 percent.



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