Economy

Stocks slide on continued concern over tension between United States and North Korea

Stocks slide on continued concern over tension between United States and North Korea”

Tax duties usually prompt export-focused companies to convert part of their foreign currency revenues to meet local liabilities.

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.

Bond prices, which move inversely to yields, closed higher.

The Nasdaq composite slumped 135.46 points, or 2.1 percent, to 6,216.87. 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.

KOREA JITTERS: With President Donald Trump warning North Korea of "fire and fury", investors have become concerned that the war of words between Washington and Pyongyang could escalate. Japan and South Korea vowed a strong reaction if the North were to go through with the plan.

US stocks moved lower in morning trading Wednesday as traders weighed the growing tensions between the USA and North Korea.

The Dow industrials rose 42 points, or 0.2%, to 21885 on Friday.

High-flying technology names suffered outsized losses on the day, with Apple falling 3.2 percent, Amazon 2.6 percent and Facebook 2.2 percent.

Markets Right Now: Stocks drift lower on Wall Street

The S&P 500 is down 38.62 points, or 1.6 percent.

Retail results are also on investors' mind as the second-quarter earning season winds down. The stock fell $169 to $1,879.98. It rose $15.70, or 1.2 percent, to $1,277.80 an ounce. Its shares tumbled $11.35 to $61.99.

The S&P 500 is up 199.38 points, or 8.9 percent. TripAdvisor shares shed $2.70, or 6.8 percent, to $36.85.

On the currency front, the USA dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday. It added 39 cents to $49.56 a barrel on Wednesday. Brent crude, used to price global oils, gained 10 cents to $52.24 in London. The euro slid to $1.1732 from $1.1752.

Investors also kept an eye on tech stocks, as the year's best-performing sector dropped more than 1 percent.

Korea's Samsung Electronics fell 2.8% Friday. Viacom Inc. slid 60 cents, or 1.9 percent, to $30.17.

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

Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in July, matching the increases seen in the three previous months.



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