Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Stocks give up an early gain; 10-year yield hits 3 percent

Major U.S. Stock indexes gave up an early gain Tuesday, but smaller and more domestically-focused companies are rising. Investors are applauding strong first-quarter results from companies including heavy machinery maker Caterpillar and Appliance Maker Whirlpool. Bond yields continue to rise and the 10-year Treasury note reached 3 percent for the first time in more than four years. Alphabet, Google’s parent company, slid after it reported greater revenue but also an increase in spending.

KEEPING SCORE: The S&P 500 index lost 4 points, or 0.2 percent, to 2,667 as of 11:25 a.m. Eastern time. The Dow Jones industrial average fell 36 points, or 0.2 percent, to 24,412. The Nasdaq composite dropped 49 points, or 0.7 percent, to 7,079.

The Russell 2000 index of smaller-company stocks Rose 6 points, or 0.4 percent, to 1,568. American consumers got more confident in the economy in April, according to a survey by the Conference Board. Its consumer confidence index is near 18-year highs. Meanwhile the Commerce Department said sales of new home jumped in March.

Among smaller banks, Simmons First National rose 3.8 percent to $30.05 and Banner gained 4.4 percent to $58.26. In the technology industry, electronics manufacturer Sanmina-ICU jumped 20.2 percent to $33.30.

MACHINE POWER: Caterpillar said the strong global economy helped its sales of construction and energy industry machinery and it raised its forecasts for the year. It also said prices rose and its stock jumped 2.5 percent to $157.87. Appliance maker Whirlpool also surpassed expectations and rose 5.9 percent to $159.17. Aircraft maker United Technologies rallied 1.1 percent to $124.82 after its report and competitor Boeing gained 0.4 percent to $340.32. Westinghouse Air Brake Technologies picked up 3 percent to $90.64.

MISPRINT: Alphabet slid 4.6 percent to $1,024.89 after the company said ad revenue climbed, but expenses also rose. Google’s parent company benefited from strong digital ad sales as well as an accounting change.

Scientific equipment maker Waters said sales to industrial customers decreased, and analysts were also disappointed with its sales to the pharmaceutical industry. The stock plunged 8.3 percent to $192.27. 3M, which makes Post-it notes and industrial coatings and ceramics, shed 6.9 percent to $201 after it cut its annual forecast.

BONDS: Bond prices kept slipping. The yield on the 10-year Treasury note rose to 2.99 percent and peaked at 3 percent. It finished at 2.98 percent on Monday and stood at 2.43 percent at the beginning of the year.

The yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages, and it’s been climbing because investors expect greater economic growth and faster inflation. It hadn’t reached 3 percent since early January of 2014.

Since the global financial crisis in 2008-09, a combination of low inflation expectations and a bond-buying program by the Federal Reserve have helped keep bond yields low, but they have climbed this year as inflation has picked up.

SHIRE’S WILD RIDE: Drugmaker Shire rallied again as the company said it is considering a new offer from Japanese rival Takeda. Bloomberg News reported that the companies are close to a deal and the shares rose 2.9 percent to $164.69.

Shire has rallied in the wake of Takeda’s earlier offers, which Shire said weren’t good enough. Shire briefly made big gains last week after Botox maker Allergan said it was considering making its own bid, but the stock dipped again after Allergan decided not to make an offer.

CURRENCIES: The dollar rose to 109.14 yen from 108.65 yen. The euro rose to $1.2216 from $1.2205.

ENERGY: Benchmark U.S. crude oil gained 3 cents to $68.67 a barrel in New York. Brent crude, used to price international oils, gained 0 cents to $74.91 per barrel in London.

OVERSEAS: Germany’s DAX lost 0.4 percent while the French CAC 40 dipped 0.3 percent. Britain’s FTSE 100 rose 0.2 percent. Japan’s benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen. The Kospi in South Korea lost 0.4 percent and Hong Kong’s Hang Seng added 1.4 percent.


AP Markets Writer Marley Jay can be reached at . His work can be found at

The post Stocks give up an early gain; 10-year yield hits 3 percent appeared first on ZERO VIRAL.

This post first appeared on Zeroviral, please read the originial post: here

Share the post

Stocks give up an early gain; 10-year yield hits 3 percent


Subscribe to Zeroviral

Get updates delivered right to your inbox!

Thank you for your subscription