Wall Street climbs as North Korea tension eases, S&P tops with 1.12% rise

Wall Street opened higher on Monday, with broad gains across sectors, as investor sentiment was lifted by easing tensions in the Korean peninsula after key US officials played down the risk of an imminent war with North Korea.

All the 11 major S&P sectors were higher, with S&P financial's 1.12 per cent rise leading the gainers.

Global stocks lost nearly $1 trillion last week after President Donald Trump warned North Korea that it would face "fire and fury" if it threatened the United States, leading to a war of words between Pyongyang and Washington.

However, US officials including National Security Adviser H R McMaster and CIA Director Mike Pompeo played down the risk on Sunday, while South Korea's president said resolving Pyongyang's nuclear ambitions must be done peacefully.

"Feels as though the North Korean tension seems to be abating a bit, with commentary coming out of China and the United States. But the situation seems to have de-escalated in the near term", said Art Hogan, chief market strategist at Wunderlich
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Wall Street slips as tensions with North Korea rattle investors

US stock indexes opened lower on Wednesday as investors turned risk averse following rising tensions between North Korea and the United States.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Donald Trump on Tuesday warned the nuclear-armed nation that it would face "fire and fury" if it threatened the United States.

Safe-haven assets gained following the mounting geopolitical tensions. Gold rose 1.2 percent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

Trump's comments also sparked a late afternoon selling on Tuesday, with the Dow ending a nine-day streak of closing records.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was up 1.03 points at 11.98 points, its highest level in a month.

"The geopolitical tensions have prompted a risk off trade amid investors," said Naeem Aslam, chief market analyst at Think Markets UK.

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ABC News 'trial of a lifetime' plays out in tiny town

In this rural outpost of just over 1,900 residents, a local college student has become a courtroom sketch artist, trailers on Main Street are ersatz offices for a major law firm and members of an agricultural youth club are puzzled by a new metal detector at the local courthouse.

The changes are part of Elk Point’s selection as site of a multibillion-dollar defamation case pitting ABC News against South Dakota-meat processor, Beef Products. The company contends that ABC and reporter Jim Avila defamed it by referring to its signature product as “pink slime” in 2012 broadcasts.

BPI calls its product lean finely textured beef (LFTB).

The trial, scheduled to run eight weeks, opened on Monday.

ABC is a unit of Walt Disney.

While BPI could face an uphill battle to show ABC intended to harm the company or knew its reporting was false, as required to prove a defamation claim, several Elk Point residents interviewed by Reuters this week were sympathetic to BPI and its founder, Eldon Roth.

“I used his products and they were good products,” said one longtime resident, Jim Cody, referring to Roth. “I couldn’t believe that people were saying this crap about them.” Mark Turner, who owns LandMark Antiques & More, sells his own beef out of a small refrigerator in the shop. BPI is an industrialised meat processor with which he has little in common, Turner said. Even so, he felt ABC unfairly depicted LFTB.

Others, like Bobbye Wendt, who was hoping the trial would bring a boost in business for her coffee shop, were torn. ABC “could have just been reporting,” she said.

During jury selection last week a handful of potential jurors were dismissed because of criticisms of LFTB, BPI or the company founders, the Sioux City Journal reported. The company’s headquarters are not in Elk Point but some 20 miles (32 km) away.

Dane Butswinkas, an attorney for ABC, acknowledged the broadcasting company has no local ties during Monday’s opening statements, but asked that jurors look beyond this and examine the facts. ABC maintains its reporting was fair and accurate.

“No one that I will put on the stand is from here,” he said.

“We’re all outsiders,”

BPI has claimed up to $1.9 billion of damages, which could be tripled to $5.7 billion. The local newspaper, the Southern Union County Leader-Courier, has dubbed it “the trial of a lifetime.”
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