Published: Wed, April 25, 2018
Markets | By Terence Owen

Dow has longest losing streak in a year as stocks slump broadly

Dow has longest losing streak in a year as stocks slump broadly

The Dow Jones industrial average slipped more than 2 percent - 550 points - at its low in trading Tuesday as a key USA government bond yield hit 3 percent for the first time in more than four years and in reaction to a seemingly innocuous comment from a Caterpillar executive.

Bond prices slipped again Tuesday.

Technology and industrial stocks weighed on the major indexes on Tuesday, with Alphabet Inc, Facebook Inc, 3M Co and Caterpillar Inc all falling more than 3.5 per cent.

The S&P 500 index gained 0.15 points to 2,670.29. Defense contractor Lockheed Martin sank 5.9 percent to $337.49 and Boeing lost 2.3 percent to $330.91. Earlier it peaked at 3 percent for the first time since January 2014. Google parent Alphabet fell almost 5 percent and closed the day at $1,022.64.

So far, 24 per cent of S&P 500 companies have reported first-quarter results, with 77.1 per cent coming in above the Street consensus, versus the 64 per cent average since 1994.

Low interest rates have played an important role in the economic recovery of the last decade, and the yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages.

Jets battle weather to make it to Minnesota for Game 3
The goal came on the power play after Jets forward Brandon Tanev was called for hooking with 59 seconds left. Zach Parise has scored two goals in the series, however, those are the only shots he has in the series.

Space diamonds came from planet lost billions of years ago
The Almahata Sitta meteorite crashed into the Nubian Desert of Sudan in 2008 and has been a subject of study ever since. Also in stones, the experts saw a number of mineral inclusions, formed only at a pressure of 200 000 atmospheres.

Nawaz Sharif to visit ailing wife in London
It was discussed how much the decision will impact the PML-N movement with the motto "vote ko izzat do" in near future. Multiple petitions have been filed in different courts against them over alleged contempt of court.

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 10-year yield traded at 2.43 percent at the beginning of the year.

MISPRINT: Alphabet slid 4.76 percent to $1,024.07 after the company said ad revenue climbed, but expenses also rose. Investors are now adjusting their positions to see how the economy responds to rising interest rates, what corporations will do with those earnings, and how higher levels of inflation affect the mix. Another market favorite, online retailer Amazon, shed 3.8 percent to $1,460.09. The euro rose to $1.2237 from $1.2205. Brent crude, used to price worldwide oils, gained 11 cents to $74.82 per barrel in London.

USA crude oil futures settled 1.4 per cent lower at $67.70 a barrel as concerns faded over the possibility that the United States might reinstate sanctions against Iran.

Wholesale gasoline lost 1.4 percent to $2.09 a gallon. Silver climbed 0.7 percent to $16.70 an ounce. The S&P/Case-Shiller index rose a seasonally adjusted 0.5% and was up 6.3% compared with a year ago in February. The Nasdaq increased 34 points, or 0.5 percent, to 7,162.

"I don't understand the concern about the 3 percent yield", Clemons said.

Japan's Nikkei 225 fell 0.5% while the Topix index was down 0.47%. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent. US consumer confidence rose to 128.7 in April from 127 in March.

Like this: