U.S. stocks end lower after comments from Trump

10 August, 2017, 00:38 | Author: Gladys Mathis
  • The Latest: Trump says US nuke arsenal 'stronger' than ever

President Trump's incendiary comments on North Korea on Tuesday afternoon turned a generally positive day on Wall Street into a big fat loser.

Stocks had pushed into positive territory, but dropped in the last hour of trading after President Donald Trump warned Pyongyang it will face "fire and fury" if it continues to threaten the United States.

The Dow ended down 0.2% and the S&P 500 narrowed to a fractional loss.

But even faced with the possibility of military action by Kim Jong-un's police state, Wall Street still suggests a buy-and-hold strategy.

Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements. Dow Jones Industrial index briefly fell more than 60 points before closing 33.08 points lower at 22,085.34.

The technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) reversed course to finish down 0.2% at 6,370.46.

Travel website operator Priceline fell 7.26 percent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast.

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Following its second test on July 28, the US reached a deal on the sanctions with China, the North's top trading partner and ally. Moreover, it subjects nine North Korean individuals and four entities to asset freezes and travel bans.


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Gold was the big victor Wednesday as stocks pared back to moderate losses and Walt Disney (DIS) dragged on the Dow, while Netflix (NFLX) and Priceline Group (PCLN) hindered the Nasdaq and retailers took some brutal hits after reporting second-quarter results.

Investors kept a wary eye on escalating tensions between the USA and North Korea. The euro edged down to $1.1726 from $1.1751.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,476. USA crude futures fell 32 cents, or 0.7%, to $49.07 a barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, gave up 29 cents to $51.85 in London. The yield on the 10-year Treasury note rose to 2.27 percent from 2.26 percent late Monday.

European equity markets also opened sharply lower and measures of volatility spiked.

MARKETS ABROAD: In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 added 0.2 percent.

Disney dropped 5.2 percent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business.

Wider Asian markets down: Japan's Nikkei stock index closed down 1.33%, the Hong Kong Hang Seng index is down 0.35%, and China's Shanghai Composite is down 0.28%.

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