Markets

Dow loses more than 100 points amid North Korea tensions

Dow loses more than 100 points amid North Korea tensions

Wall Street declined on Thursday, with the S&P 500 registering its first daily drop of more than 1% in nearly three months, as investors grew cautious over escalating tensions between the U.S. and North Korea.

The Dow is up 34.62 points or 0.2 percent at 21,878.63, the Nasdaq is up 25.62 points or 0.4 percent at 6,242.49 and the S&P 500 is up 4.36 points or 0.2 percent at 2,442.57.

KEEPING SCORE: The Standard & Poor's 500 index fell 20 points, or 0.8 percent, to 2,453 as of 10:09 a.m.

The dollar-denominated RTS index was down 1.5 percent at 1,013 points as of 0834 GMT, taking its year-to-date loss to 12 percent. Major stock indexes across Europe and Asia also posted weekly declines. While the German DAX Index closed just below the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index both tumbled by 1.1 percent. All the indexes are down for the week.

Technology companies, which have been the biggest gainers this year as the market hit a succession of record highs, led the broad slide in stocks. Banks and retail chains were also among the big decliners. Utilities eked out a small gain.

"If the market truly believed the North Korea reaction was imminent, I think it would be down a lot more than it is", said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

Earlier on Thursday, North Korea revealed a plan to launch ballistic missiles toward a major US military hub in the Pacific.

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Wall Street got off on a downbeat start early Thursday as tensions between the USA and North Korea continued to escalate, rattling markets overseas. Later in the day, President Trump warned the regime to "get their act together" or face extraordinary trouble.

Stocks rebounded after two start days of losses amid rising tensions between the US and North Korea.

Following the sell-off seen in the previous session, stocks are regaining some ground during trading on Friday.

In contrast to the USA market, global equities remained weak.

Several financial sector companies also helped pull down the market. The yield on three-year Treasurys fell 2.0 basis points to 1.804 percent and the return on benchmark five-year government bonds shed 2.0 basis points to 2.004 percent. Oil prices were headed higher.

Oil prices nudged lower with global benchmark Brent crude down 0.31%, and US benchmark West Texas Intermediate down 0.45% recently extending Thursday's selloff following an OPEC report which said the cartel's July production rose 0.5% from June. Brent crude, used to price global oils, slid 80 cents, or 1.5 percent, to $51.90.