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13 August 2017, 03:21 | Austin Hogan
The stock fell $2.04 to $20.99.
"The slight bias to the upside (in stocks) is a result of the CPI number. That reset is being triggered by North Korea geopolitical concern and stretched valuations", said Peter Kenny, senior market strategist at Global Markets Advisory Group, New York.
Simmering tensions between the US and North Korea were also weighing on the market.
"If you strip away what's going on in North Korea, and if you strip away what's going on in Washington, which are things that are tougher to predict, the economy, the global recovery, earnings, it all paints a very positive picture for the rest of the year", Kravetz said.
But although US equities on Wednesday managed to close only slightly down even after Trump's warning that "fire and fury" would rain on North Korea, on Thursday the chickens came home to roost on Wall Street.
In the first four days of the week, the Standard & Poor's 500 index swung from marking its latest record high to posting its biggest single-day drop in almost three months. "You're less than 2 percent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers".
At 10:43 a.m. ET (1443 GMT), the Dow Jones Industrial Average was down 52.43 points, or 0.24 percent, at 22,032.91, the S&P 500 was down 5.29 points, or 0.21 percent, at 2,469.63. 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.
MARKETS OVERSEAS: In Europe, Germany's DAX was down 1.1 percent, while France's CAC 40 fell 1.4 percent.
"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay. -North Korea tensions. The VIX, a measure of how much volatility investors expect in stocks, jumped 25.2 percent, the biggest increase since May.
This caused some economists to speculate there may be no more interest rate rises this year. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.48 percent lower.
The dollar was further weighed Friday by the soft US inflation data.
"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY. Apple was down 2.3 percent, weighing most on the index.
London's FTSE 100 dipped by about 90 points, or more than 1%, in morning trading on Friday, adding to a slump of more than 100 points the day before and taking it to its lowest level since May.
"This inflation data for the month was not good".
Bond prices, which move inversely to yields, closed lower.
After touching a more than two-month high, spot gold last added 0.1 percent to $1,287.18 an ounce. Silver also rose, gaining 38 cents, or 2.3 percent, to $16.77 an ounce.
Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in US crude inventories, leaving prices volatile. Brent crude, used to price worldwide oils, gained 16 cents to $52.30 in London.
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