Economy

Stocks tumble as banks sell-off, North Korea tensions mount

Stocks tumble as banks sell-off, North Korea tensions mount”

The Dow Jones Industrial Average ended down 1.1% at 21,753.31, the S&P 500 dropped 0.8% to 2,457.85 and the Nasdaq fell 0.9% to 6,375.57 as traders in the U.S. got their first chance to react to news of North Korea's hydrogen bomb test over the weekend, as markets were closed for Labor Day on Monday.

The standoff between North Korea and the USA and its allies escalated over the weekend after Pyongyang said it had successfully tested its largest-ever nuclear bomb (http://www.marketwatch.com/story/north-korea-hails-perfect-success-of-latest-nuclear-test-triggering-magnitude-63-earthquake-2017-09-03).

USA oil prices rose and gasoline fell as the gradual restart of refineries in the Gulf of Mexico, which had been shut by Hurricane Harvey, eased fears of a fuel supply crunch. XL Group Ltd. slid $2.35, or 5.8 percent, to $38.27, while Brighthouse Financial Inc. lost $3.41, or 5.9 percent, to $54.08.

The Dow Jones Industrial Average fell 217.82 points, or 0.99 percent, to 21,769.74, the S&P 500 lost 21.28 points, or 0.86 percent, to 2,455.27 and the Nasdaq Composite dropped 74.39 points, or 1.16 percent, to 6,360.94. Yesterday's 234-point decline wasn't anywhere near that level - nor was it even close to the 470 points needed to make the list of the 20-largest point drops of all-time, regardless of percentage decline.

Brainard's comments helped 10-year U.S. Treasuries reach their lowest since November.

Technology companies also fell sharply.

The yen nearly always gains when investors try to reduce exposure to risk because the currency is often used as a funding source to buy riskier, higher-yielding assets.

Among the stocks with unusual options volume is home improvement icon Home Depot Inc (NYSE:HD), with over 28,000 calls traded - three times the average intraday pace, and on track for the 98th percentile in its annual range. Nvidia Corp. gave up $4.55, or 2.7 percent, to $165.91.

Gold, the traditional go-to for traders when political concerns escalate, also eased on Tuesday, with investors booking profits after the previous session's rise to a one-year high.

Brent crude, the worldwide benchmark, last traded unchanged at $53.38 a barrel.

On oil markets both main contracts eased in Asia after surging Tuesday - WTI jumped around three percent and Brent put on two percent - on reports Russian Federation and Saudi Arabia were considering extending a production cut.

Shares in cruise line operators fell as Hurricane Irma roared toward islands in the northeast Caribbean on Tuesday.

In other energy trading, wholesale gasoline dipped 5 cents to $1.70 a gallon. The USD/JPY exchange rate has declined more than 1% since the start of September.

Stock markets overseas were mixed Tuesday. Hong Kong's Hang Seng added 1.1 percent.

The Australian dollar was up 0.1 percent at $0.7948 after the risk aversion that gripped the broader markets overnight pulled it off a one-month high of $0.7997 set on Friday.



Like this

Latest


06 September 2017
Oilwell Varco, Inc. (NOV) Just Recorded A Sigfniciant Increase
The Manufacturers Life Insurance Company lifted its position in shares of National Oilwell Varco by 459.0% in the second quarter. M&T Bank & Trust Corp invested 0.01% of its portfolio in National-Oilwell Varco, Inc. (NYSE:NOV) rating on Monday, November 2.

06 September 2017
Backed forces advance in Syria's Raqqa
Since the SDF has been chipping away at Raqqa for months, the city no longer functions as ISIS' de facto capital. The coalition has provided equipment, training, and air support as the Kurdish-led forces advance on the ground.

06 September 2017
QUALCOMM Incorporated (QCOM) And Insider Trading Activity
The analysts estimated EPS for the higher end at 0.87 and lower end at 0.77 while the year ago reported earnings per share was 0. The rating was maintained by BMO Capital Markets with "Hold" on Wednesday, July 19. (NASDAQ: QCOM ) on Thursday, May 11.

06 September 2017
Mondelez International, Inc. (NASDAQ:MDLZ) Dips Under Moving Averages
Independent Consultants has invested 0.01% in Mondelez International Inc (NASDAQ:MDLZ). 18,235 are held by Columbia Asset Mgmt. Supplemental Annuity Collective Trust Of Nj accumulated 22,000 shares or 0.46% of the stock. 5,267 are held by St Germain D J.

06 September 2017
Bye Bye Bette, 'Hello, Dolly!' for Bernadette Peters
Garber's husband seemed to spill the beans with a quickly-deleted Instagram comment over the weekend. Throughout the run, Donna Murphy has stepped into the lead role as Midler's alternate.

06 September 2017
Jetblue Airways Corp (NASDAQ:JBLU) Stock Price While Sentiment Worsens
Quantbot Technologies LP acquired a new stake in shares of JetBlue Airways Corporation during the first quarter worth $138,000. The company was maintained on Monday, July 31 by BMO Capital Markets. (NASDAQ:MAT) on Friday, December 4 with "Buy" rating.

06 September 2017
Kenyan opposition leader rejects new presidential election, demands 'guarantees' against fraud
The country is the world's largest shipper of black tea and a regional hub for companies including Google Inc. and Coca-Cola Co. It is "an erroneous interpretation of the law that only two candidates will participate in a fresh election", Odinga said.

06 September 2017
Ramsay Stattman Vela & Price Inc. Invests $216000 in Cerner Corporation (CERN)
Currently, 323.51 million total shares are owned by the public and among those 315.64 million shares have been available to trade. Following the completion of the sale, the chairman now owns 1,229,719 shares in the company, valued at $76,279,469.57.

06 September 2017
What Are Analysts Report About Anadarko Petroleum Corporation (APC)
Atwood Oceanics, Inc. (ATW) have shown a high EPS growth of -0.30% in the last 5 years and has earnings decline of -38.50% yoy. Liberty Mutual Group Asset Management Inc acquired 6,172 shares as Anadarko Pete Corp ( APC)'s stock declined 20.17%.

06 September 2017
How Analysts Rated Procter & Gamble Co (NYSE:PG) Last Week?
During the same period in the prior year, the business earned $0.79 earnings per share. (NASDAQ:RECN) for 128,716 shares. Susquehanna Int Gru Ltd Liability Partnership has invested 0.07% in Procter & Gamble Co (NYSE:PG). (NASDAQ:RECN).



Recommended