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11 Agosto 2017, 04:28 | Azura Castelo
Dollar rises after jobs data; banks lead stocks higher
Travel and media companies led US stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market. Financial companies and department store operators were among the big decliners.
The benchmark 10-year yield fell 3 basis points to 2.25% while the two-year yield lost 2bps to 1.35%.
The euro edged 0.3 percent lower to 1.1726 against the dollar.
USA stocks saw their largest losses since May on Thursday, as tensions mounted between North Korea and the US. Wall Street also is reacting to a flare-up in tensions after North Korea threatened to launch a missile strike aimed at US territory Guam, underlining deteriorating relations between Washington and Pyongyang.
US Defense Secretary Jim Mattis, who often has emphasized the devastating costs of any conflict with North Korea, seemed to back up Trump's tone.
Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood. The VIX, a measure of how much volatility investors expect, jumped to its highest level since May. In the previous session, USA stocks finished in the red.
Stocks are falling in midday trading on Wall Street, led by declines in technology companies and banks. Twenty-First Century Fox gave up 46 cents, or 1.6 percent, to $27.57.
However, shares of Dean Foods tumbled 20% to $US11.96 after the USA dairy processor posted quarterly results that fell short of expectations and downgraded its full-year forecast amid "a challenging and rapidly evolving retail environment".
Most large-cap stocks were mixed across the board. Dollar/franc also posted hefty losses - the pair was last trading at 0.9666, down 0.8%. Kohl's also declined, sliding $2.53, or 6 percent, to $39.41. The trend appeared to overshadow strong quarterly revenue growth in the quarter.
Meanwhile, gold stocks bucked the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.3%.
Gold bounced over the $US1270 an ounce level but closed at $US1266.50, a rise of 0.14%. Both pairs touched near two-week lows during today's trading while a considerable portion of the franc's earlier gains were retraced by late European trading hours.
Oil prices rose after a report showed USA refineries processed record amounts of crude in the latest week, eating into inventories.
At 5.00 a.m. ET, U.S. crude hovered around $49.40 per barrel, while Brent stood around $52.37.
Oil prices extended gains after rising nearly 1 percent overnight.
In total, 10 of the 11 S&P sectors settled in the red, with utilities (+0.3%) the only gainer. In other precious metals, silver surged 1.7% to $17.20 an ounce after hitting $17.24, its highest since June 14. Simon Property Group fell 2.1% to $162.86.
CURRENCIES: The dollar slipped to 109.26 yen from 109.85 late Wednesday.
The Swiss franc last stood at 1.1332 per euro, down slightly on the day.
The Philippine central bank will also make its monetary policy decision later in the day.
London's FTSE 100 was almost 1% down during morning trading with share indices in Germany, France and Italy also in the red. The FTSE 100 ended 44.67 points lower at 7498.06. South Korea's Kospi fell 0.5 percent.
Valeant Pharmaceuticals International Inc lost 4.0 percent to C$18.96 after the company said its subsidiaries in Australia were the subject of a tax audit.
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Futures pointed to further declines on Wall Street, with S&P 500 futures down 0.4 percent and Dow futures falling 0.3 percent. North Korea immediately called Trump's rhetoric a "load of nonsense" that was aggravating a grave situation.
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