Russian stocks undermined by tensions between U.S. and N.Korea

Nuclear Nerves Wipe $1t Off Stocks

US stocks rose Friday but still notched their biggest weekly loss in months, as investors were shaken by disappointing earnings results and an escalation of threats between the USA and North Korea.

North Korea has made threats against the USA for years, but a recent military intelligence analysis found the country has developed the ability to build a small nuclear warhead that can reach the United States.

Investor sentiment turned negative after North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the US Pacific territory of Guam in an unusually detailed threat.

Earlier on Thursday, North Korea revealed a plan to launch ballistic missiles toward a major USA military hub in the Pacific.

Banks and retail chains were also among the big decliners.

The Dow Jones Industrial Average closed down 204.69 points, or 0.93 percent, at 21,844.01, the S&P 500 lost 35.81 points, or 1.45 percent, to end the session at 2,438.21 and the Nasdaq Composite fell 135.46 points, or 2.13 percent, to 6,216.87. The yield on three-year Treasurys fell 2.0 basis points to 1.804 percent and the return on benchmark five-year government bonds shed 2.0 basis points to 2.004 percent.


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. Broadcom gave up $5.72, or 2.3 percent, to $243.45. Major stock indexes across Europe and Asia also posted weekly declines.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. Macy's was down 4.4 percent after the company said its sales continued to decline in the second quarter. Its shares tumbled $11.35 to $61.99.

Data showed US 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.

Shares of Snapchat parent Snap Inc.(SNAP) slid 14% a day after the company's earnings missed forecasts (http://www.marketwatch.com/story/snap-ceos-promise-cant-overcome-declining-ad-rates-stock-heads-toward-new-lows-after-earnings-2017-08-10), and the social-messaging company disclosed that average ad prices fell in the second quarter.

The Canadian dollar was trading at an average price of 78.67 cents USA, down 0.04 of a US cent.

Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. In Australia, the S&P/ASX 200 was down 1.13%.

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