Economy

Dow streak of records ends amid US-North Korea tensions

Dow streak of records ends amid US-North Korea tensions

USA stocks closed lower on Tuesday after Trump's comments sparked a late afternoon selling.

News late Tuesday that North Korea was reviewing plans for an attack on USA military assets on the island of Guam came just hours after President Trump had warned that continued threats would be met "with fire and fury like the world has never seen".

But even faced with the possibility of military action by Kim Jong-un's police state, Wall Street still suggests a buy-and-hold strategy.

BlackBerry Ltd shares fell as much as 3.6% on the Toronto Stock Exchange after brokerage Goldman Sachs issued a "sell" recommendation on the stock, citing concerns about rising competition in its mobile software business.

The Dow Jones Industrial Average .DJI was down 82.37 points, or 0.37 percent, to 22,002.97, the S&P 500 .SPX had lost 8.34 points, or 0.34 percent, to 2,466.58 and the Nasdaq Composite .IXIC had dropped 38.99 points, or 0.61 percent, to 6,331.47.

Nasdaq 100 e-minis were down 39.75 points, or 0.67 percent, on volume of 53,600 contracts.

The 10-day Dow winning streak that ended was the second double-digit string of up days this year - the first time that has happened since 1959.

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Ten out of the 11 major S&P 500 sectors fell after the comments with the only gains seen in the utilities sector.

US equivalents fell 4 bps to 2.24 percent. Watch maker Fossil Group plunged 25 percent after reporting a weak quarter.

MALL RATS: Several real estate investment trusts that own malls were trading lower.

The Canadian dollar was trading at an average price of 78.71 cents USA, down 0.20 of a USA cent. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in NY.

On Tuesday, U.S. President Donald Trump warned the Asian country about facing "fire and fury" if North Korea delivers more threats against the U.S. Brent crude, the global standard, lost 28 cents to $52.09 a barrel in London. Euro zone stocks and blue-chips dropped 1 percent. Prices for bonds and gold headed higher. The yield on the 10-year Treasury note rose to 2.27 percent from 2.26 percent late Monday.

Results also drove some sharp moves lower. Japan's Nikkei 225 slipped 0.3 percent, while Australia's S&P/ASX 200 lost 0.5 percent. Hong Kong's Hang Seng added 0.6 percent.


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