U.S. stocks close lower, snapping Dow's 10-day winning streak

U.S. stocks close lower, snapping Dow's 10-day winning streak

U.S. stocks close lower, snapping Dow's 10-day winning streak

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was at its highest in more than a month.

On Thursday, the three major US indexes logged their worst performances since mid-May (http://www.marketwatch.com/story/US-stocks-set-up-for-another-day-of-losses-as-north-korean-tensions-simmer-2017-08-10) in a session dogged by geopolitical concerns. The Russell 2000 index of smaller-company stocks gave up 4.02 points, or 0.3 percent, to 1,410.15. While the U.K.'s FTSE 100 Index has fallen by 0.8 percent, the German DAX Index and the French CAC 40 Index are down by 1.5 percent and 1.8 percent, respectively.

The thirty-year bond auction drew a high yield of 2.818 percent and a bid-to-cover ratio of 2.32, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.29.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Trump's Tuesday warning.

Second-quarter earnings have been stronger than expected with analysts now expecting S&P 500 earnings to have expanded 11.8 percent, up from 8 percent at the start of July, according to Thomson Reuters I/B/E/S.

But the S&P Bank sub-sector.SPXBK fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits.

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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 DJIA was poised for a fall of 1.1%, making for its worst week since a 1.5% drop in the one ended March 24. The stock has been battling a three-year decline.

Sina's loss sent shares 5% below a 97.89 buy point in a flat base.

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. Brent crude, the worldwide standard, lost 23 cents to $52.14 a barrel in London. On the Nasdaq, 1,596 issues rose and 1,112 fell.

It was a down day for Asian stocks, as traders shied away from riskier assets amid the ongoing war of words between North Korea and the U.S. The biggest loser in the region was Hong Kong's Hang Seng, which dropped 1.1%.

Tech names led stocks lower Wednesday's open, with Walt Disney (DIS) dragging on the Dow and several China-based leaders mixed in early trade. Against the euro, the dollar is valued at $1.1741 compared to yesterday's $1.1752.

Manufacturing production in June was flat, as predicted, after falling 0.1% in May, while United Kingdom construction output badly missed forecasts fell 0.1% month on month and rose 0.9% year-on-year. Core prices had been expected to rise by 0.2 percent.

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