Wall Street Stages Recovery, but North Korea Keeps Rally From Takeoff

Persistent gold buying by local jewellers at domestic spot market stoked uptrend

Persistent gold buying by local jewellers at domestic spot market stoked uptrend

USA stock indexes were set to open little changed on Friday, with the S&P 500 on track to post its biggest weekly loss in nine months, as investors remained cautious on heightened tensions between the United States and North Korea. The strong performance of these companies is clearly related to the North Korea drama.

U.S. President Donald Trump, in his latest warning to North Korea, said military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely".

The broad-based S&P 500 shed 0.6 percent to 2,459.50, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 6,299.12.

USA stock futures were pointing to a weaker open on Friday.

Macy's slumped 10 percent after reporting its 10th straight decline in a key sales measure.

By mid-morning in NY investors began to look for stocks to buy rather than offload and the Dow Jones industrial average was 38.65 points higher at 21,882.92 while the S&P 500 was...

Mr. Trump's remarks on Tuesday that North Korea would face "fire and fury like the world has never seen" pushed Wall Street lower on Tuesday and drove up the VIX "fear gauge" of expected volatility on the S&P 500 higher.

The strength on Wall Street is partly due to bargain hunting, with traders picking up stocks at reduced levels following the pullback seen over the past few sessions. Rival Advanced Micro Devices was also down 2.6 percent.

The last time the S&P closed down more than 1 per cent was May 17 when it fell 1.8 per cent.

Oil prices rose before a report expected to show US crude stocks fell for a sixth week.

Losses at the Snapchat parent ballooned to $443 million in the second quarter, a almost fourfold increase from the same period previous year. Kohl's also declined, sliding $3.08, or 7.3 per cent, to $38.85. On Thursday, fellow newly public company Blue Apron Holdings lost 18% after the meal-kit maker reported rising costs amid increased competition. The stock fell 76 cents to $5.48. Top automaker Hyundai Motor fell 2.07 percent to 142,000 won.

The yield on US 10-year Treasurys slid to 2.199% Friday from 2.211% Thursday. Germany's DAX Index fell 0.6%, the UK's FTSE 100 Index retreated 1.2% and France's CAC 40 Index slid 1.4%.

CURRENCIES: The dollar slipped to 109.35 yen from 109.85 late Wednesday. Against the euro, the dollar is valued at USD1.826 compared to yesterday's USD1.1772.

In Asia, benchmarks in Hong Kong and South Korea - which had been one of the best performers of 2017 - closed down 2% and 1.7% respectively, Friday, putting the week's drop at 2.5% and 3.2%.

The index was also dragged lower after Beijing ordered probes into three major Chinese social networking platforms over outlawed content.

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Stock markets lower, gold price continues to rise amid political tensions