Wall St. ends higher as fear over North Korea dis­si­pates

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Ma­jor US stock in­dexes ended higher on Tues­day af­ter re­cov­er­ing from steep early losses trig­gered by fears that hos­til­i­ties in the Korean Penin­sula could es­ca­late. The S&P 500 fell as much as 0.66% af­ter US President Donald Trump warned that all op­tions are on the ta­ble for the United States to re­spond af­ter North Korea fired a ballistic missile over a Ja­panese is­land in a new show of force.

NEW YORK — Ma­jor US stock in­dices ended higher on Tues­day af­ter re­cov­er­ing from steep early losses trig­gered by fears that hos­til­i­ties in the Korean Penin­sula could es­ca­late.

The S&P 500 fell as much as 0.66% af­ter US President Donald Trump warned that all op­tions are on the ta­ble for the United States to re­spond af­ter North Korea fired a ballistic missile over a Ja­panese is­land in a new show of force.

“When the president says ‘all op­tions are on the ta­ble,’ the best strat­egy for in­vestors is some­times to do noth­ing,” said Brian Ja­cob­sen, se­nior in­vest­ment strate­gist at Wells Fargo Funds Man­age­ment in Menomonee Falls, Wis­con­sin.

Mar­ket an­a­lysts were re­lieved that the rift did not es­ca­late fur­ther, with Mr. Trump’s fo­cus on the dev­as­ta­tion caused by trop­i­cal storm Har­vey, which was the most pow­er­ful hur­ri­cane to strike Texas in 50 years when it made land­fall last week.

“While it’s pos­si­ble all these un­for­tu­nate events can add up to some­thing more con­se­quen­tial, the (US) econ­omy is pretty darn big and re­silient,” Mr. Ja­cob­sen said.

The storm shut­tered re­finer­ies across the US en­ergy hub in Texas but en­ergy shares were lit­tle changed, with de­clines in oil ser­vices com­pa­nies mostly off­set by gains in re­fin­ers and some pro­duc­ers.

Ernesto Ramos, head of eq­ui­ties at BMO Global As­set Man­age­ment in Chicago, de­scribed the mar­ket re­ac­tion to the floods in Hous­ton and sur­round­ing ar­eas as a “very stock- spe­cific sit­u­a­tion.” Shares of in­sur­ers fell on un­cer­tainty over their storm­re­lated li­a­bil­i­ties. An in­dex of in­dus­try stocks dropped 0.50% to end at its low­est in two months.

The Dow Jones In­dus­trial Av­er­age rose 56.97 points, or 0.26%, to 21,865.37, the S&P 500 gained 2.06 points, or 0.08%, to 2,446.30 and the Nasdaq Com­pos­ite added 18.87 points, or 0.30%, to 6,301.89.

Gains in the Nasdaq were led by the largest names, with Ap­ple, Al­pha­bet, Mi­crosoft, Face­book and Ama­zon, the big­gest US com­pa­nies by mar­ket value, all higher.

De­clin­ing is­sues out­num­bered ad­vanc­ing ones on the NYSE by 1.05-to-1; on Nasdaq, a 1.08-to-1 ra­tio fa­vored ad­vancers. Nearly 285 is­sues across US ex­changes hit their low­est in 52 weeks on Tues­day, more than the av­er­age over the last year of close to 230, while 355 hit a 52-week high, far be­low the av­er­age of al­most 490 for ev­ery day over the last year. About 5.30 bil­lion shares changed hands in US ex­changes, com­pared with the 5.90 bil­lion daily av­er­age over the last 20 ses­sions. —

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