Watch the Dow's wild day on the Big Board

26 April, 2018, 00:16 | Author: Teresa Adams
  • David Joy Ameriprise Financial’s chief market strategist on the prospect of U.S. benchmark yields hitting 3 percentSource Bloomberg

The S&P 500 index lost 35 points, or 1.3 percent, to 2,634.

Boeing rose 4.2 percent after reporting quarterly results that easily beat analyst expectations.

Major U.S. stock indexes have surrendered an early gain and are falling sharply Tuesday as investors sell technology, industrial and retail stocks.

SHIRE'S WILD RIDE: Drugmaker Shire rallied again as the company said it is considering a new offer from Japanese rival Takeda.

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Investors are anxious rising borrowing costs because it may slow the economy and hurt companies' ability to buy back their own stocks even. Oil prices (http://www.marketwatch.com/story/oil-prices-edge-higher-ahead-of-us-stockpile-data-2018-04-25) rose 0.4%, while gold prices (http://www.marketwatch.com/story/gold-declines-anew-under-threat-of-rising-dollar-bond-yields-2018-04-25) declined 0.7%.

The blue-chip index Dow Jones Industrial Average fell by 423 points (-1.7%) to 24,024.13 points, wiping out an increase of 131 points from the beginning of the session.

The Toronto Stock Exchange's S&P/TSX composite index closed down 75.06 points, or 0.48 per cent, at 15,477.00. The stock's rise helped the Dow bounce back from a 201.05-point deficit and snap a five-day losing streak.

Higher bond yields could also prompt portfolio managers to weigh moving money into more attractive fixed-income securities at the expense of equities. Meanwhile, the Alphabet stocks fell by more than 4.5%.

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Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.

Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average.

The US markets ended the Tuesday trading session on red territory because of investors' concerns about a possible increase in interest rates and skeptical statement by the Caterpillar's President. This is partly due to the company's president Brad Halverson's statement, according to which the company's forecasts are that the first quarter will be the culmination of the year.

The company reported better-than-expected first-quarter earnings and boosted its full-year sales and profit forecast but did not raise its 2018 cash-flow projections.

United Kingdom government moving forward as one on Brexit plans: PM May's spokesman
Prime Minister Theresa May must not show any signs of weakness to European Union negotiators, the DUP's Sammy Wilson has said. We use cookies to give you the best experience on our website and bring you more relevant advertising.

On the economic front, USA consumer confidence rebounded in April, according to the Conference Board, as short-term optimism improved and the share of consumers expecting their incomes to decline in the coming months hit its lowest level since December 2000. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent.

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