USA stocks snap 3-day losing streak in roller coaster week

USA stocks snap 3-day losing streak in roller coaster week

President Donald Trump warned North Korea again on Thursday not to strike Guam or USA allies, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough.

With the tense mood pushing European shares down for a third day and Wall Street set to fall again, global stocks were on course for their worst week since Donald Trump won November's election.

At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was up 54.06 points, or 0.25%, at 21 898.07, the S&P 500 was up 5.23 points, or 0.21%, at 2 443.44.

Trump's words were in response to North Korea threatening to attack US territory Guam. "You're less than 2 percent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers".

The rhetoric, which began late Tuesday and continued into Friday, interrupted stocks' march higher and cracked the calm that has enveloped the market for months.

"If the USA and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so", the editorial's authors said. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.47 percent lower.

In an apparent response to Trump's tweet, a statement issued by North Korea's official KCNA news agency claimed the president is "driving the situation on the Korean peninsula to the brink of a nuclear war".

Dow drops 200 points on escalating North Korea tensions
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. Burger chain Wendy's was up 4.20 per cent after it reported better-than-expected quarterly profit and sales.

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

Many world stock markets have hit record or multiyear highs in recent weeks, leaving them vulnerable to a sell-off, and the tensions over North Korea proved to be the trigger.

The yen tends to benefit during times of geopolitical or financial stress as Japan is the world's biggest creditor nation and there is an assumption that Japanese investors there will repatriate funds should a crisis materialize.

Copper traded at $2.912, down 0.25%, while natural gas tacked on 0.23% to $2.991.

The dollar was further weighed down on Friday by the soft United States inflation data.

The smaller than expected increase in consumer prices has led to optimism that the Federal Reserve will not be in a hurry to raise interest rates.

The dollar index fell 0.32 percent, with the euro up 0.42 percent to $1.1819.

Trump praises new United Nations sanctions on North Korea
Tillerson is meeting with South Korean Foreign Minister Kang Kyung-wha in the Philippines on the sidelines of a regional summit. Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.

By the end of the day almost $1 trillion in equity had been lost globally.

On the currency front, the U.S. dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday. In bond markets, 10-year US Treasuries and Germany's ultra-safe government bonds were trading at their highest prices since June.

"There are four more [inflation] prints between now and the December FOMC meeting and we expect the Fed to remain data-dependent, if a touch more cautious", TD Securities said in a research note.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in USA crude inventories, leaving prices volatile.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday.

Benchmark U.S. crude rose 23 cents to settle at $48.82 a barrel on the on the New York Mercantile Exchange.

Federer eases into Rogers Cup semis
The 36th-ranked Schwartzman next faces the victor between seventh-seeded Grigor Dimitrov and Robin Haase . Meanwhile, Roger Federer continued his pursuit of a third Rogers Cup title, but his first in Montreal .

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