US Stocks Close Lower, Snapping Dow's 10-Day Winning Streak

Stock Market Sell-off Sends Investors into Safe-haven Assets after Trump Issues Warning to North Korea

Stock Market Sell-off Sends Investors into Safe-haven Assets after Trump Issues Warning to North Korea

And in a Friday morning post on social media site Twitter, Trump wrote: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".

But although United States equities on Wednesday managed to close only slightly down even after Trump's warning that "fire and fury" would rain on North Korea, yesterday the chickens came home to roost on Wall Street.

Baker Avenue's Lip said the US market was higher due to "bargain hunters", but "there's more room for the market to come down".

Investors kept a wary eye on escalating tensions between the USA and North Korea. The Dow is up 34.62 points or 0.2% at 21,878.63, the Nasdaq is up 25.62 points or 0.4% at 6,242.49 and the S&P 500 is up 4.36 points or 0.2% at 2,442.57.

The Nasdaq Composite Index climbed 39.68 points, or 0.6%, to close at 6,256.56.

But safe havens benefited from the move away from stocks with gold rising by just under one percent after surging 1.3 percent Wednesday. Netflix was down 1.8 percent.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

On the London stock market, mining shares saw the biggest falls as many metal prices were hit by the geopolitical concerns.

And in a textbook-type cross-asset move toward safety in times of trouble, the Japanese yen hit an eight-week high against the USA dollar while spot gold also reached a two-month high. "Hopefully, we will never have to use this power, but there will never be a time that we are not the most powerful nation in the world!"

In Europe, the Stoxx 600 Index fell 1%. However, any signs that the U.S.is preparing for an attack on North Korea and/or the actual launching of missiles by North Korea would likely lead to more significant selling pressure.

Minneapolis Fed President Neel Kashkari, who has advocated for the Fed to halt interest rate hikes until inflation picks up gain, on Friday said his colleagues are telling each other "a ghost story (http://www.marketwatch.com/story/feds-kashkari-says-central-banks-hawks-are-spooked-by-ghost-story-of-higher-wages-2017-08-11)" about higher wage inflation that scared them into raising short-term rates. The euro rose to $1.1824 from $1.1774.

Sterling was last trading at $1.3009, up 0.27 percent on the day. Yields on bonds move inversely to their price. Macy's sank 10.3 percent and Kohl's lost 5.8 percent. Perrigo rose $2.17, or 2.8%, to $79.01.

Hong Kong shed more than one percent and Shanghai also closed lower, while Seoul shares continued their sell-off after slumping Wednesday, with the won again softening.

The December gold contract was up US$12.40 to US$1,285.40 an ounce.

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