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A popular measure of volatility on Wall Street jumped more than 30% on Tuesday as stock-index benchmarks saw one of their worst daily declines since mid August. The CBOE Volatility Index surged 34% Tuesday afternoon to 13.56, marking its biggest one-day rise since Aug. 10 when it surged 44%. Known as the fear gauge, the indicator is a measure of options bets on the S&P 500 index 30 days in the future and tends to be used as a sign of increased anxiety in the market because stocks fall faster than they rise. The jump in the gauge, which is still holding below its historic average of 20, comes as the Dow Jones Industrial Average is down 245 points, or 1.1%, the S&P 500 index is off 0.9% and the Nasdaq Composite Index is looking at a 1.1% tumble. A defiant North Korea, which warned of an unspecified counteroffensive strike as the U.S. attempts to impose sanctions on the Hermit Kingdom after it tested a hydrogen bomb over the weekend has been cited as the main reason for the market’s recent downdraft after the Labor Day holiday. Concerns about President Donald Trump’s ability to enact pro-growth legislation also has helped to rattle markets that had been climbing on the back of business-friendly policies coming to fruition soon.

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U.S. oil prices jumped Tuesday to their highest finish in just over three weeks, finding support as crude production and refinery activity start their recovery from the disruptions and flooding caused by Hurricane Harvey. October West Texas Intermediate crude added $1.37, or 2.9%, to settle at $48.66 a barrel on the New York Mercantile Exchange. That was the highest finish since Aug. 11, according to FactSet data. October gasoline lost 4.9 cents, or 2.8%, to end at $1.699 a gallon.

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Chipotle Mexican Grill Inc. said Tuesday that it’s adding “all-natural” queso to its menus nationwide on September 12. Chipotle has been testing queso at 350 restaurants across southern California and Colorado. Chipotle’s queso will be made with aged cheddar cheese, tomatillos, tomatoes and several varieties of peppers. Pricing will vary slightly by city, but will range from $1.25 to add to an entree, to $5.25 for a large side order. Chipotle shares are down 18.2% for the year so far, while the S&P 500 index is up 9.8% for the period.

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GPS Hospitality, a franchisee of Burger King and Popeyes Louisiana Kitchen restaurants, said Tuesday that it will host a job fair on September 12 with the goal of hiring 1,500 workers. Burger King and Popeyes are Restaurant Brands International Inc. chains. The job fair will take place at all of GPS’ 395 restaurants across 11 states. There are openings for 1,350 crew members and 150 managers. Restaurant Brands International shares are up 17% for the year to date, the PowerShares Dynamic Food & Beverage Portfolio is up 4.7%, and the S&P 500 index is up 9.6% for the period.

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President Donald Trump wants a comprehensive immigration-reform bill from Congress, White House press secretary Sarah Huckabee Sanders said Tuesday, following the rescinding of an Obama-era program. Asked if Trump would sign a stand-alone bill to reform the Deferred Action for Childhood Arrivals program, Sanders said “we can’t just have one tweak to the immigration system.” A comprehensive bill would include border control, she said.

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The Dow Jones Industrial Average early Tuesday was trading more than 220 points lower, with the bulk of that downturn driven by declines in shares of Goldman Sachs Group Inc. and United Technologies Corp. Goldman’s shares alone were slicing 50 points from the Dow in early morning trade, off $7.27, or 3.2%. United Tech’s stock was off $6.03, or about 5.1%, after the industrial conglomerate said late Monday it had reached a deal to buy airplane-parts maker Rockwell Collins Inc. for $23 billion. United Tech rival, Boeing Co.’s shares were also trading firmly lower in the wake of the merger news. Meanwhile, insurer Travelers Inc. also pushed the equity gauge down. Its shares were off $3.77, or 3.1%, as Hurricane Irma was upgraded to a Category 5 storm and nearing Florida. A $1 move in the price-weighted Dow equates to a 6.89-point swing in the average. Heightened tensions between the West and North Korea were cited as the main reason behind the market’s retreat after Pyongyang tested a hydrogen bomb over the weekend. Other benchmarks were trading in decline as well. Most recently, the Dow was down 220 points, or 1% at 21,766, while the S&P 500 index was off 0.9% at 2,454, while the Nasdaq Composite Index shed 1.2% at 6,365.

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Gold rallied Tuesday as concerns over North Korea, weakness in the dollar and broad declines in U.S. equities combined to lift prices to their highest settlement level in nearly a year. December gold rose $14.10, or 1.1%, to settle at $1,344.50 an ounce. That was the highest settlement for a most-active contract since Sept. 22, according to FactSet data.

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Tyson Foods Inc. said Tuesday it is planning to build a $320 million poultry complex in eastern Kansas, in response to strong demand for chicken. The company will build a processing plant, hatchery and feed mill, close to the city of Tonganoxie, in Leavenworth County, creating about 1,600 jobs. The company will contract with local farmers and ranchers to raise chickens. Production is scheduled to begin in mid-2019. The plant will have the capacity to process 1.25 million birds a week and is expected to generate an annual economic benefit of $150 million for the state of Kansas. Tyson currently employs roughly 5,700 people in Kansas and has an annual payroll of more than $210 million. Shares were flat Tuesday, but have gained 4.5% in 2017, while the S&P 500 has gained 9.5%.

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An auction of $20 billion worth of 4-week bills posted lackluster results after market participants looked to avoid purchase debt at risk of default if Congress fails to raise the federal government’s debt ceiling. The bills mature on October 5, close to the date when economists expect the government to run up against its borrowing cap. Thomas Simons, senior money market economist for Jefferies, called the sale “ghastly.” A sign of tepid demand, the auction “tailed”, stopping at 1.300%, 2 basis points above the when-issued level. The “tail” is the gap between the highest yield of the Treasury sold in the auction and the highest yield expected when the auction began – the “when issued” level.

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Orange juice prices jumped by more than 6% Tuesday, set to mark their highest settlement since mid-May as traders showed concern that Hurricane Irma in the Atlantic may hurt production of oranges in Florida. In a tweet Tuesday, the National Hurricane Center said, “Irma is the strongest hurricane in the Atlantic basin outside of the Caribbean Sea & Gulf of Mexico in NHC records.” The storm’s projected path could take it to Florida in the next several days. David Maloni, president of the American Restaurant Association, a food and energy commodity-services organization, said “most of the production is in the middle of Florida south and north of Orlando. Concern is that high winds could damage trees and shorten output for the next crop.” November frozen concentrated orange juice climbed by 8.4 cents, or 6.2%, to $1.449 a pound on the ICE Futures U.S. exchange. That would be the highest settlement for a most-active contract since May 12, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News