Friday, 11 August 2017

Wall Street swings lower after Trump warns North Korea

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US stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after US President Donald Trump vowed to respond aggressively to any threats from North Korea.

After scaling back from record highs earlier in the session, Wall Street's three major indexes dipped after Trump said North Korea "will be met with fire and fury" like the world has never seen if it threatens the United States.

"Trump's response was aggressive and that's why the market turned lower," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities.

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Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang's continues missile and nuclear tests in defiance of UN sanctions.

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