Wall Street rises on inflation data but on track for weekly losses

13 Août, 2017, 07:17 | Author: Marc Bacque

"The escalation of the geopolitical situation between the USA and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial.

At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average .DJI was up 54.38 points, or 0.25 percent, at 21,898.39, the S&P 500 .SPX was up 8.69 points, or 0.35 percent, at 2,446.90.

Tillerson's tone was in sharp contrast to that of USA president Donald Trump, who warned on Tuesday any North Korean threat to the U.S. would be met with "fire and fury".

In the first four days of the week, the Standard & Poor's 500 index swung from marking its latest record high to posting its biggest single-day drop in almost three months. A batch of disappointing company earnings also helped pull the market lower, with consumer-focused companies and technology stocks among the biggest decliners.

The Toronto Stock Exchange's S&P/TSX composite index fell 143.08 points to 15,074.25, with almost all of its sectors moving lower. Pyongyang said it was examining plans for attacking Guam, a US territory in the Pacific with a military base. "I think a few investors are capitulating to it".

The Nasdaq Composite was down 115.35 points, or 1.82 percent, at 6,236.98.

Most large-cap stocks fell across the board. The FTSE 100 index of leading British shares was 0.6 percent lower.

North Korea tensions continue to weigh on global stocks
The Toronto Stock Exchange's S&P/TSX composite index fell 143.08 points to 15,074.25, with almost all of its sectors moving lower. Wall Street's fear gauge - the CBOE Volatility Index or the VIX - surged 44%, its second-biggest one-day jump of the year.


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MARKETS OVERSEAS: In Europe, Germany's DAX was down 1.1 percent, while France's CAC 40 fell 1.4 percent. Apple was down 2.3 percent, weighing most on the index.

Data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

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

In other news, USA wholesale inflation dropped in July, the first contraction in almost a year and another data point that could weaken the case for the Federal Reserve to raise the benchmark interest rate again later this year.

"This inflation data for the month was not good".

The U.S. Treasury market rallied, with the benchmark 10-year yield shedding 3 bps to 2.21%. Brent crude, used to price worldwide oils, gained 29 cents to $52.43 in London.

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    The single-session equity put/call ratio jumped to 0.83 - the highest since April - and the 21-day moving average rose to 0.65. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, popped almost 11 percent to 11.02.


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