N. Korea drama is drag on Dow
U.S. equity traders grown accustomed to docile markets were shaken awake as tension over North Korea escalated, sending the S&P 500 to the largest weekly drop since March.
Over the five days, the S&P 500 dropped 1.43 percent, one basis point shy of the year’s biggest weekly drop, posted in March. The Dow Jones industrial average declined 234.49 points to 21,858.32.
The tech-heavy Nasdaq composite index ended the week 1.5 percent lower at 6,256.56, including a 2.1 percent plunge Thursday, as President Trump delivered a warning to North Korean leader Kim Jong Un that the United States would respond to any further aggression.
As is often the case, Wall Street was treated to volatility in August, the stock market’s most turbulent month.
“Anytime I get phone calls from people I don’t hear about 90 percent of the time — high-grade bond traders, people from the retail side — I know something’s going on,” said Amy Wu Silverman, managing director and equity derivatives strategist at RBC Capital Markets. “This is what’s been happening.”
The treasury will sell $39 billion of threemonth bills and $33 billion in six-month bills Monday. They yielded 1.05 percent and 1.14 percent in when-issued trading. It will also sell four-week bills and $20 billion in 52-week bills Tuesday.
Editor’s note: Our weekly composite stock listing includes companies based in Washington or with a strong presence here. The rest of the table shows firms as ranked by market capitalization. And we’ve added year-to-date data because readers told us it would be useful.