Economy

Fear of North Korea attack sends Wall Street spiraling

Fear of North Korea attack sends Wall Street spiraling”

Reports early on Tuesday indicated that North Korea was able to build nuclear bombs small enough to fit on a missile.

Trump told reporters further threats from North Korea would be "met with fire, fury and frankly power the likes of which this world has never seen before". The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95.

"If the market was really anxious about a [military] conflict, I don't think it would have been down by such a small amount", Stovall said.

The weakness among oil service stocks came amid a modest decrease by the price of crude oil, with crude for September delivery slipping USD0.22 to USD49.17 a barrel. The S&P 500, a broader gauge of USA companies, fell 0.24 percent to 2,474.92. The Nasdaq Composite Index declined 0.2% to 6370.46 and the Standard & Poor's 500 Index slid 0.2% to 2474.92.

The 10-day Dow winning streak that ended was the second double-digit string of up days this year - the first time that has happened since 1959.

With Asian bourses and USA stock futures weakening early on Wednesday, the safe-haven 10-year Treasury yield was last down 3 basis points.

The dollar index fell 0.14 percent, with the euro unchanged at $1.1757.

Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programmes as Pyongyang's continues missile and nuclear tests in defiance of United Nations sanctions.

The Labor Department said job openings surged up to a record 6.2 million on the last business day of June from 5.7 million on the last business day of May. The number of people quitting their jobs also dropped.

FED WATCH: Investors looked ahead to an appearance Thursday by Bill Dudley, president of the U.S. Federal Reserve Bank of NY, for signs of the Fed's outlook on the economy.

In a speech on Monday, St. Louis Fed President James Bullard said the current level of interest rates is likely to remain appropriate over the near term amid subdued inflation.

ANALYST'S TAKE: The U.S.jobs figure "was through the roof" and the NFIB survey "painted a much better picture for the U.S. economy than most believed", said Stephen Innes of OANDA in a report. Still, he said, "the Washington, D.C., bedlam and North Korea's saber-rattling is muddying the broader landscape".

Traditional safe-haven currencies including the Swiss franc and Japanese yen rose against the USA dollar.

USA stocks felt significant early drag, with the S&P 500 down 0.5% at the open. The contract shed 22 cents on Tuesday to close at $49.17. On the Nasdaq, 1,846 issues fell and 953 advanced favoring decliners. Brent crude, used to price global oils, gave up 29 cents to $51.85 in London.



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