Business

Dow slips 100 points as tensions with N.Korea escalate

Dow slips 100 points as tensions with N.Korea escalate

The North Korean army's announcement that it is examining operational plans for attacking Guam after rising tensions with President Donald Trump has brought more global attention to the tiny US territory in the Pacific than it has had in decades.

In another statement citing a different military spokesman, North Korea also accused the United States of devising a "preventive war" and said any plans to execute this would be met with an "all-out war wiping out all the strongholds of enemies, including the usa mainland".

The sabre-rattling - sparked when President Donald Trump stunned the world with an apocalyptic warning to unleash "fire and fury" on North Korea - continued Thursday as Pyongyang mocked the U.S. leader as "bereft of reason".

The Cheong Wa Dae spokesman refused to elaborate on the steps to be taken, citing the sensitivity of such information, but said they "literally meant every possible measure we can take".

After a dip of as much as 0.52 percent earlier in the day, Wall Street's three major indexes bounced off intraday lows. Gold and bond prices were headed higher.

The Dow Jones Industrial Average fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite dropped 18.13 points, or 0.28 percent, to 6,352.33.

The overall financials group, which accounts for roughly a third of the index slipped 0.9 percent.

Stocks are lower at midday as investors weighed the growing tensions between the US and North Korea.

"If tensions between the USA and North Korea escalate further, we think that the implications for equities in South Korea and elsewhere will remain limited provided that war does not actually break out", wrote Oliver Jones, assistant economist at Capital Economics.

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"North Korea best not make any more threats to the United States", Trump told reporters at his New Jersey golf club.

The Canadian dollar gave back 0.1 cents to 78.68 cents U.S. Netflix lost 1.5 percent.

Fossil tumbled 25.1% after the watch maker said sales continued to weaken, falling short of analysts' estimates.

Spot gold fell 0.2 percent to $1,275.10 per ounce at 0058 GMT. Two supersonic bombers from Guam also flew over the Korean Peninsula last month. Gold prices increased 1% and the Swiss franc gained against all major currencies.

The market was also waiting for data that would offer clues about the extent to which the strengthening USA labour market is spilling over into inflation.

Six of the S&P 500 sectors ended higher. Rival TripAdvisor also slumped after its latest quarterly report showed that online and transaction revenue growth fell sharply.

CURRENCY: The dollar declined to 109.77 yen from Tuesday's 110.34. Silver also rose, gaining 43 cents, or 2.6 percent, to $16.82 an ounce.

Benchmark 10-year notes last rose 5/32 in price to yield 2.2255%, from 2.242% late on Wednesday.

Oil prices settled lower after a volatile session on increasing exports from key OPEC producers and news of lower crude shipments from Saudi Arabia.


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