Wall St rebounds on Fed bets but set for weekly loss

14 August, 2017, 01:25 | Author: Franklin Nunez
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U.S. stock indexes opened higher for the first time in four days on Friday after tepid data pointed to benign inflation that could make the Federal Reserve cautious about raising rates again this year, even as concerns lingered over rising tensions between the United States and North Korea.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London.

The Dow Jones Industrial Average.DJI fell 204.69 points, or 0.93 percent, to close at 21,844.01, the S&P 500.SPX lost 35.81 points, or 1.45 percent, to 2,438.21 and the Nasdaq Composite.IXIC dropped 135.46 points, or 2.13 percent, to 6,216.87.

The dollar slipped to 109.04 yen from 109.26 late Thursday.

-North Korea tensions as market participants bought the yen as a safe haven.

With the rhetoric rumbling on, Europe's top-rated German bond yield held near six-week lows. The talk (in Washington) is that there must be a preventive strike made on North Korea, while Pyongyang is threatening to carry out a missile strike on the US base in Guam.

Tom Cruise Injured in 'Mission Impossible' Stunt
He is then returned to the rigging he jumped from and pulled away by crew members to safety. The accident happened while filming scenes for the movie in London.

WALL STREET: Losses in health care and consumer-focused companies pulled USA stocks lower, snapping a 10-day winning streak for the Dow Jones industrial average. Oil also regained momentum as data pointed to declining US inventories.

Weaker-than-expected July consumer price data led investors to bet that benign inflation would keep the US Federal Reserve from raising rates again this year.

Investors also drew some encouragement from new government data showing US inflation at the consumer level inched higher last month.

The dollar was further weighed down on Friday by the soft USA inflation data. Seagate shares rose 74 cents to $32.29. Wanda Hotel Development shares rose 19.8% after the unit of China conglomerate Dalian Wanda Group said it would buy assets worth more than 7 billion yuan ($1.05 billion) as part of a restructuring.

Crude futures extended losses on fears of slowing demand and lingering concerns over a global oversupply.

North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land missiles near the U.S. Pacific territory of Guam.

BMW plunges 7 floors from downtown parking garage
Bowmer, who could not be reached by The Post, is looking to take legal action, though no suit has been filed yet, the paper said. Newly-released video shows the moment a vehicle plummeted from the seventh floor of a parking garage and landed upside down.

Macy's shares closed down 10.2 percent and Kohl's fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

As Tracy notes, both the USA and South Korea confirmed earlier Friday that the exercises were set to go on as scheduled at the end of August.

"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.

In commodities trading, crude oil futures are slipping $0.10 to $48.49 a barrel after tumbling $0.97 to $48.59 a barrel on Thursday. The stock has more than doubled over the past 12 months, gaining more than 160%.

While the Russell 2000 index ended up 0.1 per cent on the day, it was more than 5 per cent below its July 25 record close and for the week it fell 2.7 per cent, its biggest weekly drop since February 2016.

NYPD officer shot in Brooklyn
De Blasio said the wounded cop had a "great attitude" as he lay in his hospital bed and even made light of his situation. Police say a man walked into Mike's Heavy Duty Towing and forced a female employee on the ground as he simulated a gun.

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