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S&P closes barely lower despite N. Korea tensions

S&P closes barely lower despite N. Korea tensions

USA stocks closed lower for the third day in a row Thursday, led by declines in technology companies and banks, two of the highest-performing sectors over the previous year.

USA stocks moved slightly lower in midday trading Wednesday as investors weighed the growing tensions between the US and North Korea.

On Friday, the S&P 500 rose 3.11 points, or 0.1 percent, to 2,441.32.

The Dow Jones Industrial Average climbed 0.08% on Friday, Aug. 11, the S&P 500 gained 0.13%, and the Nasdaq added 0.64%.

A Labour Department report showed its producer price index posted a surprise drop in July, down 0.1 percent for the largest slide in nearly a year. The Russell 2000 index of smaller-company stocks gave up 8 points, or 0.6 percent, to 1,401.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was up as much as 12.63 points, its highest in more than a month.

Volatility jumped and the pan-European STOXX 600 fell 1.2 percent, taking weekly losses to 2.8 percent, its worst since early November 2016.

Stock market falls can hit pension values, but savers who are not set to take their savings for a number of years typically don't need to worry, as losses are usually recouped over the longer term.

The S&P hasn't moved more than 0.5 percent in one day since July and has fallen more than 1 percent only twice this year.

Guardiola: There's more to come from City
Since the late 1980s, Brighton and Manchester City met only once in September 2008 in the League Cup. They greeted the half time whistle with the sort of cheers usually reserved for a glorious victory.

The blue-chip index plunged 204.69 points, or 0.9%, to close at 21,844.01.

In overseas trading, stock markets across the Asia-Pacific region saw further downside during trading on Thursday.

US trading volume has been low with summer setting in and Congress expected to be in recess until September 5.

The pan-European STOXX 600 was down 0.7% at closing, France's CAC 40 fell 1.4% after a auto hit a group of soldiers in Paris in what is thought to have been a deliberate act, and a fall in bond yields saw Germany's DAX down 1.1%.

Among economic data, the U.S. Labor Department is likely to report that initial jobless claims remained unchanged at 240,000 for the week ended August 5.

Despite the drop, analysts said the market seemed to be a bit skeptical that the North Korea situation would grow into a major crisis, noting that the losses were still not that deep.

He said: "While the two monetary metals continue to trade mostly on real yield dynamics, some investors reacted to the escalating tension by buying these traditional safe-haven instruments". Brent crude, used to price global oils, rose 20 cents to $52.10 a barrel in London.

Shares gaining ground included insurer Aegon and soft drinks bottler Coca Cola, which rose 5.3pc and 9.2pc respectively after their updates. The September copper contract was down two cents to US$2.91 a pound. The euro strengthened to $1.1756 from $1.1752.


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