Monday, 23 October, 2017

North Korea threats; China aluminum; Disney ditches Netflix

By Marc Jones By Marc Jones
Juana Turner | 12 August, 2017, 00:23

Losses in health care and consumer-focused companies pulled United States stocks broadly lower, snapping a 10-day winning streak for the Dow Jones industrial average. The Dow Jones industrial average slipped 0.9 percent, to 21,844.01, just shy of its low point for the day.

The Dow finally ended 0.2 percent lower at 22,085.34 points. The consumer discretionary index was one of its biggest losers with a 0.47 percent drop. In a statement delivered at his Bedminster, N.J., golf club on Tuesday, Trump said, "North Korea best not make any more threats to the U.S. They will be met with fire and fury like the world has never seen". Despite the decent set of numbers for the first-six months, their share are down 1.5% on the day.

Nevsun Resources offset some of the material group's gains, plunging 18.4% to $2.685 after the company reported disappointing quarterly results. The number of people who applied for US unemployment-insurance benefits rose by 3,000 to 244,000 in the week that ended August 5, the Labor Department reported.

Barrick Gold Corporation ABX stock popped 1.42%, while Newmont Mining Corporation NEM gained 1.01%.

Gold prices rose early Wednesday amid rising tensions between the United States and North Korea after the North responded to warnings from US President Donald Trump with a threat to strike the US territory of Guam.

Meanwhile, U.S. wholesale prices (http://www.marketwatch.com/story/us-wholesale-inflation-fall-01-in-july-first-decline-in-almost-a-year-2017-08-10) declined in July for the first time in nearly a year, providing additional evidence of tepid inflation that is bedeviling the Federal Reserve.

Declining issues outnumbered advancing ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.47-to-1 ratio favored decliners.

Japan's core machinery orders unexpectedly fell for a third straight month in June, underscoring companies' reluctance to boost spending and conflicting with recent signs that the economic recovery is gathering momentum. Prices for bonds and gold headed higher.

Several financial sector companies also helped pull down the market. The Dow also fell 0.5% to dip briefly back below the 22,000 mark, and the Nasdaq tumbled almost 1%.

Germany's DAX dropped 1% in early trading, while London's FTSE 100 shed 0.6%.

USA crude CLcv1 rose 1.08 percent to $49.70 per barrel and Brent LCOcv1 was last at $52.78, up 1.23 percent on the day.

Markets overseas were mixed Tuesday.

Gold prices closed up around 1.48% at $1,281.30 per ounce on Wednesday.

OIL: Benchmark U.S. crude added 39 cents to settle at $49.56 a barrel on the New York Mercantile Exchange.

Some of the top performing gold and gold mining stocks also rose on the back of the heightened US and North Korean tensions. The euro slid to 1.1752 dollars from 1.1793.

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