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Wall Street down on tech selloff, N. Korea concern

Monday, September 25, 2017 - 01:19

Wall Street dipped, as a selloff in technology shares weighed heavily on the Nasdaq, while the most recent statement from North Korea's to Washington added to a cautious tone. Roselle Chen reports.

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A sharp selloff in technology stocks dragged down Nasdaq. News from North Korea added to the downbeat mood. North Korea's foreign minister said President Donald Trump had declared war on the country, and it now reserves the right to take countermeasures. That pushed up demand for safe-haven assets, such as gold. Laurie Kamhi, managing director at LCK Wealth Management at HighTower: (SOUNDBITE) LAURIE KAMHI, MANAGING DIRECTOR & PARTNER AT LCK WEALTH MANAGEMENT AT HIGHTOWER (ENGLISH) SAYING: "Up until just recently, most investors have actually ignored all the negative signals. The geopolitical risks around the Russians and elections, the North Korean noise, had not been dampening enthusiasm, particularly in the overseas markets. So, the emerging markets have grown so nicely. Europe finally has been catching up. But the dollar has been weakening now for quite some time as investors move offshore." Oil hit two-year high after major producers said the market is rebalancing, and Turkey threatened to cut off supplies from Kurdistan. New York Fed President William Dudley said the central bank is on track to raise rates gradually. General Motors rose after Deutsche Bank upgraded its stock to "buy". Allergan was up as well after it authorized a $2 billion shares buyback. In Europe, stocks ended mixed.

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Wall Street down on tech selloff, N. Korea concern

Monday, September 25, 2017 - 01:19