Published: Wed, September 06, 2017
Money | By Charlene Sutton

Wall Street falls amid fresh North Korea tensions

Wall Street falls amid fresh North Korea tensions

European stocks extended declines Wednesday but Wall Street could be looking at a modest rebound after the biggest single-day loss for US markets in three weeks amid ongoing concern over President Donald Trump's handling of the crisis in North Korea and the potential costs of Hurricanes in Texas, Louisiana and Florida. Energy companies climbed the most as the price of crude oil rose.

Gasoline prices fell Tuesday on news refineries were starting to come back online in Texas in the aftermath of Hurricane Harvey. Financials were the worst-performing sector, dropping 2.2 per cent for their biggest one-day fall since mid-May as US Treasury yields dropped sharply.

The Dow Jones Industrial Average fell 234 points, or 1.07%, to 21,753, the S&P 500 lost 19 points, or 0.76%, to 2,458 and the Nasdaq Composite dropped 60 points, or 0.93%, to 6,376.

DUP leader Arlene Foster calls for parallel process to break Stormont deadlock
Sinn Fein's leader in Northern Ireland, Michelle O'Neill, earlier on Thursday said her party was "entirely committed" to making the political institutions work.

In the stock market today, Goldman Sachs (GS) and JPMorgan (JPM) also lagged in the Dow with losses of around 3%. United Technologies shares slumped 5.7 per cent and were the Dow's biggest decliners, while shares of fellow Dow component, plane maker Boeing fell 1.4 per cent. Rockwell Collins shares rose 0.3 per cent.

Infrastructure and support services company Stobart Group updated the market on its trading in the first half on Tuesday, reporting good progress in aviation as passenger numbers grew 22% year-on-year at Southend Airport.

North Korea re-emerged as the major driver of market sentiment after the Communist regime tested a powerful hydrogen bomb over the weekend.

PM Modi receives ceremonial welcome in Myanmar
This was their first face-to-face meeting since both sides announced on August 28 that the Doklam stand-off had ended. A broad sense was that most countries feel similarly about the challenges posed by terrorism.

Elsewhere in politics, Attorney General Jeff Sessions announced on Tuesday that President Donald Trump and the USA administration would be ending the Deferred Action for Childhood Arrivals (DACA) immigration program, which protects hundreds of thousands of individuals who've entered the US illegally as children. The Nasdaq composite fell 59.76 points, or 0.9 percent, to 6,375.57. September is a historically hard period for Wall Street, with the S&P 500 and Dow Jones averaging sizable losses during the month.

In the currency markets, sterling is flat against the dollar at 0.07% to $1.3040 and higher against the euro at 0.18% to €1.0916.

In London, shares of insurer Prudential dropped 1.3%.

Xiaomi began mass production of the smartphone Mi Mix 2
The listing further reveals that the smartphone will flaunt a 6.2-inch display with a 2960×1440 pixels resolution. The smartphone is also likely to feature a dual camera setup at the rear and a new all-metal build.

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