North Korea worries hit markets
Mihir Kapadia, CEO and Founder, Sun Global Investments
North Korea worries finally hit the markets yesterday after its leader Kim Jong Un hinted at a plan for a missile strike on the US military base on Guam in an unusually strong threat to attack the US This elicited a hawkish response from President Trump who warned of a response of “fire and fury like the world has never seen.”
These events hit trading in a recovering stock market where the S&P had hit a fresh all-time high intraday. The Dow Jones Industrial Average edged lower Tuesday, bringing a streak of nine successive positive closes and a series of record highs to a close.
Indices traded in a narrow range throughout the day, with the selling accelerating toward the end of trading. The Dow fell 0.1 per cent, while the S&P 500 and Nasdaq edged down 0.2 per cent.