U.S. stocks suffer one of their worst weeks in months amid North Korea tensions

U.S. stocks suffer one of their worst weeks in months amid North Korea tensions

A trader works on the floor of the New York Stock Exchange on Aug. 8, Stocks fell late Tuesday and early Wednesday amid rising tensions between the U.S. and North Korea. (AFP PHOTO / 30209502A / Bryan R. Smith/AFP/Getty Images)

In contrast, the decades-long foes have continued quiet back channel diplomacy over their deteriorating relations and the issue of Americans hailed in the communist nation, the Associated Press reported.

Along with the international power struggle, Strategas analyst Chris Verrone suggested that the market's overall strength in recent weeks could represent another rationale for the downbeat weekly performance.

"While it’s easy to look to geopolitical tension as the catalyst for Wednesday’s reversal and Thursday’s weakness, this is a market that has been leaking momentum for much of the summer," Verrone said in a note to investors.

The selloff could open the door for buying opportunities, Verrone said. Among the impacts so far has been an investor move toward gold, which often serves as a safe haven for amid concerns about stock values. 

Gold has edged up toward $1,300 per ounce, the commodity's highest level since early June, increasing on several consecutive days.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey and Kevin McCoy at @kmccoynyc.



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