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BUSINESS Tuesday 7 January 2020
A25

Gold climbs, stocks mixed as markets swing toward safety

NEW YORK (AP) — Gold lost 1.9%, South Korea's Kos-
touched its highest price pi dropped 1% and Hong
in nearly seven years Mon- Kong's Hang Seng fell 0.8%.
day as investors headed for In Europe, Germany's DAX
safety on worries that rising lost 0.7% and France's CAC
tensions between the Unit- 40 dropped 0.5%. The FTSE
ed States and Iran could 100 in London fell 0.6%.
lead to war. SPLATTERED YOLK: Egg pro-
Stocks in Asia and Europe ducer Cal-Maine Foods fell
slumped as dollars flowed 9. 6 % after reporting a sur-
out of riskier investments, prising loss and weak rev-
but the U.S. market shook enue for its fiscal second
off its early-morning loss- quarter.
es, and U.S. indexes were BIG SMILE: Dental products
mixed by early afternoon. maker SmileDirectClub
Gains for oil producers jumped 23.7 % after mak-
and big internet compa- ing a deal to sell a new line
nies made up for drops by of products exclusively at
industrial companies and Walmart. The company,
banks. The S&P 500 was In this Friday, Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying out- known for its clear teeth
up modestly even though side the New York Stock Exchange, in New York. aligners, said it will offer
more stocks fell in the index Associated Press electric toothbrushes, teeth
than rose. whitening systems and oth-
Caution has seeped its stellar 2019, when the S&P that given the threat of war "Investors are now fully in er dental items at the na-
through markets since a 500 soared to its second- with Iran. defensive mode, hoping tion's largest retailer.
U.S. drone strike killed Ira- best showing in 22 years. Gold was up $17, or 1.1%, at for the best but fearing the YIELDS: Treasury yields
nian Gen. Qassem Solei- Much of the year's gains $1,566.20 per ounce. It had worst." inched higher and recov-
mani in Iraq on Friday. Both were due to big moves by been as high as $1,590.90 SPURTING: Oil prices added ered some of their sharp
the United States and Iran central banks around the earlier in the day, and it's a bit more to their big gains drops from Friday. The yield
have since talked up the world to shore up the glob- up more than $40 since the from Friday. Benchmark on the 10-year Treasury
threat of violence, which al economy. The S&P 500 day before Soleimani's kill- U.S. crude rose 10 cents ticked up to 1.79% from
has pushed up the price of still remains within 1% of its ing. to $63.15 per barrel. Brent 1.78% late Friday. It had
gold as money flows into record set on Thursday. Gold has historically per- crude, the international been at 1.88% late Thurs-
investments seen as safer. KEEPING SCORE: The S&P formed well around past standard, gained 23 cents day, before Soleimani's kill-
Gold neared $1,591 per 500 was up 0.1%, as of 1:30 military conflicts, such as to $68.83 per barrel. ing. The two-year yield rose
ounce during morning trad- p.m. Eastern time. It had the two Persian Gulf wars That helped send energy to 1.53% from 1.51%, and
ing and reached its highest been down 0.6% shortly af- and the Sept. 11, 2001 at- stocks in the S&P 500 up the 30-year yield inched up
level since April 2013. ter trading opened. tacks, even after taking 0.5%, the second-biggest to 2.26% from 2.25%
Oil prices have also climbed The Dow Jones Industrial into account interest rates gain among the 11 sectors WEEK AHEAD: The first full
in recent days because Average was down 16 and the dollar's move- that make up the index. week of the new year
any potential violence in points, or 0.1%, at 28,618 ments, according to Gold- EOG Resources jumped could help give investors a
the Middle East could dis- after paring a loss that had man Sachs commodities 3.2%, and Occidental Pe- clearer picture of the econ-
rupt oilfields in the region. been as big as 216 points. analysts. troleum rose 3%. omy at the close of 2019.
Monday's gain for both The Nasdaq composite "The escalation in the Mid- A ROUGH START: Overseas On Tuesday, the Institute
benchmark U.S. crude and was up 0.2%. dle East was both unex- stock markets slumped, for Supply Management
Brent oil, though, was more GLITTERING: Gold has a pected and unwelcome," though the losses moderat- will release its December
modest than Friday's leap. reputation for being one of said Craig Erlam, senior ed as trading headed west report on the U.S. service
The recent reticence in the the safest possible invest- market analyst at trading with the sun. sector, which makes up the
market is a turnaround from ments, and investors want platform OANDA Europe. In Asia, Japan's Nikkei 225 bulk of the economy.q