Economy

Dow slips 100 points as tensions with N.Korea escalate

Dow slips 100 points as tensions with N.Korea escalate”

The Dow closed down 205 points Thursday, in its biggest decline since May 17, after a string of retailers reported weak earnings and President Donald Trump rejected criticism that his threats to release "fire and fury" had been too inflammatory. Utilities eked out a small gain.

The Standard & Poor's 500 index fell 24 points, or 1 percent, to 2,449 as of 2:16 p.m.

In New York, the Dow Jones industrial average was down 110.82 points to 21,937.88. The S&P 500 lost 5.99 points, or 0.24 per cent, to close at 2,474.92 and the Nasdaq Composite dropped 13.31 points, or 0.21 per cent, to 6,370.46. May 17 was the last time the three indexes had a bigger single-day decline. The stock fell $1.01 to $22.02. All the indexes are down for the week.

Trump continued the back-and-forth with a post on Twitter this morning indicating that the U.S.is prepared to take military action against North Korea.

Technology companies were leading a broad slide in USA stocks in early trading Thursday as investors pored over the latest batch of corporate earnings reports.

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.

For the week, the Dow is on track to fall 0.9%, its biggest one-week drop since April.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.

Kohl's, another department store chain, slumped 8.9 percent after reporting that second-quarter sales dipped 0.9 percent compared with the year-ago period.

Macy's (M.N) shares closed down 10.2 percent and Kohl's (KSS.N) fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

2 biotech stocks that rallied after earnings. Dillard's slumped 15.5 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts. Its shares slid $11.64, to $61.70. Broadcom gave up $5.72, or 2.3 percent, to $243.45.

Benchmark U.S. crude fell 97 cents, or 2 percent, to $48.59 a barrel on the New York Mercantile Exchange. While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 1 percent.

The S&P hasn't moved more than 0.5 per cent in one day since July and has fallen more than 1 per cent only twice this year. Australia's S&P/ASX 200 edged down almost 0.1 per cent to 5,760.90, while South Korea's Kospi fell 0.5 per cent to 2,357.84. The euro rose to $1.1753 from $1.1752. The fact that ended with a 1%-plus drop, however, might be good news. And our promise to you is that we will always strive to provide indispensable journalism to our community.

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