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Tech companies lead broad slide in United States stocks; oil rises

15 Agosto 2017, 01:12 | Bibiana Flor

Tech companies lead broad slide in United States stocks; oil rises

Tech companies lead broad slide in United States stocks; oil rises

As is often the case, Wall Street was treated to volatility in August, the stock market's most turbulent month. The stock was the biggest gainer in the S&P 500, rising $8.02 to $45.25.

Gold added $16.70, or 1.3 percent, to settle at $1,279.30 an ounce.

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 786.87 tonnes, down 0.27 tonnes, from previous business day.

ANALYST'S TAKE: "The tensions between North Korea and the U.S.is an excuse for profit-taking", Seo Sang Young, an analyst at Kiwoom Securities.

"Given the great run we've had, seems like some sort of pullback wouldn't be surprising", said Michael Baele, managing director of investments at U.S. Bank Private Wealth Management. That was its biggest point loss since May 17.

"The strong global economy driven by strong earnings is really helping to minimize some of these concerns".


The Dow Jones Industrial Average rose 44.33 points, or 0.2 percent, to 21,888.34, the S&P 500 gained 6.01 points, or 0.25 percent, to 2,444.22 and the Nasdaq Composite added 32.10 points, or 0.52 percent, to 6,248.97. Germany's DAX Index fell 0.6 percent, while the UK's FTSE 100 Index retreated 1.2 percent, and France's CAC 40 Index slid 1.4 percent.

UP WITH TECH: Investors bid up technology sector shares.

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

It also hit its highest level since May.

Wall Street stocks dropped early Thursday after North Korea announced a plan to send missiles towards Guam, raising the stakes of a nuclear standoff with the United States. "Tensions are still high and not going away at the moment". The Dow closed up 0.05% and the Nasdaq was up 0.64%.

Core prices had been expected to rise by 0.2 percent.


USA crude was unchanged at $48.59 per barrel and Brent was last at $51.84, down 1.63 percent on the day. The DJIA was poised for a fall of 1.1%, making for its worst week since a 1.5% drop in the one ended March 24.

Yields on core government debt fell.

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.

Rio Tinto, Glencore, Antofagasta, Anglo American, BHP Billiton and Arcelormittal all fell 2.3 to 4.1 percent.

US equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough. Brent crude, the global standard, lost 23 cents to $52.14 a barrel in London.

US crude rose 1.08 percent to $49.70 per barrel and Brent was last at $52.78, up 1.23 percent on the day.


The VSTOXX, the main European gauge of equity investor anxiety, jumped 26 percent to 23.8, a near four-month high, though it remained near historically depressed levels. Dillard's slumped 15.3 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts.



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