Investors sought safe-haven assets Wednesday amid tensions over North Korea. Fred Katayama reports.
Tensions over North Korea rattled investors who ditched stocks for safe-haven assets. Wall Street fell, led by consumer and utility shares. Gold and the Swiss franc shot higher. Ross Gerber of Gerber Kawasaki: SOUNDBITE: ROSS GERBER, CEO,GERBER KAWASAKI, (ENGLISH) SAYING: "We've had a lot of concern from investors who want to take profits right now you know with the geopolitical uncertainty and obviously Trump's continuous erratic behavior. It certainly doesn't build confidence in the potential for a black swan political event and you know that's the last thing the market needs so certainly people are taking some chips off the table today." Rising geopolitical tensions boosted defense stocks like Lockheed Martin, Raytheon, and General Dynamics. Wendy's shares got bid higher. The burger chain swung to a quarterly loss. But its adjusted earnings beat analysts' forecasts, and existing store sales in North America rose. Priceline among the day's biggest losers. The travel website operator issued a disappointing forecast. Disney is pulling its new movies from Netflix beginning 2019. It'll launch its own streaming service. Stocks of both companies fell. European shares tumbled Wednesday after a car struck a group of soldiers in a Paris suburb. France called it a deliberate atack