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Dow rises as Boeing results buoy stocks

Dow rises as Boeing results buoy stocks

The first time since 2014, 10-year Treasury yields hit three percent.

BONDS: The concerns about increased costs also come at a time of rising interest rates, which makes it more expensive for companies to borrow money.

USA market indexes were mixed on Wednesday.

But the comments from Caterpillar's executives, as well as from other major companies like 3M and Sherwin-Williams, had investors worrying about whether that growth will show up. Stock indexes in Europe and Asia are also taking losses. On Wednesday Goodyear Tire & Rubber said higher raw materials costs and weaker demand hurt its business in the first quarter. Thanks to a big gain from Boeing, the Dow Jones industrial average snapped a five-day losing streak and rose 59.70 points, or 0.2 percent, at 24,083.83. The Nasdaq composite gave up 3 points, or 0.1 percent, to 7,003. "This market rally for the last nine years has been driven by low interest rates, accommodating monetary policy and excess liquidity", said Oliver Pursche, chief market strategist for Bruderman Asset Management in NY. According to Kensho, an analytics company, Caterpillar's stock has had a 0.81 correlation with the Dow over the last six months. It shed 1.4 percent to $67.70 a barrel in NY the previous day. YIELDS QUESTION: Bond prices slipped again Tuesday.

Alphabet slid 4.8 percent to $1,022.64 after the company said ad revenue climbed, but expenses also rose. 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.

However, Twitter fell 2.4percent after the social media company said it expects a slowdown in revenue growth and increasing costs, putting a damper on its otherwise upbeat earnings report. Following a successful test of the round $30 level yesterday, TWTR stock is set to open up 2.6% this morning - though not as much as one volatility trader was hoping for.




The Nasdaq is down 138.77 points, or 1.9 percent. Brent crude, used to price worldwide oils, fell 1.1 percent to $73.86 per barrel in London. Comcast rose 1.6 percent to $33.85 and Fox gained 1.1 percent to $36.42.

Gold rose 0.7 percent to $1,333 an ounce.

The largest percentage gainer on the TSX was Mitel Networks Corp, which rose 9.6 per cent.

The Russell 2000 is up 17.77 points, or 1.2 percent.

CURRENCIES: The dollar edged up to 108.67 yen from 108.65 yen. By the close, Hong Kong's Hang Seng lost 1%, South Korea's Kospi fell 0.6%, China's Shanghai Composite shed 0.4%, and Japan's Nikkei dipped 0.3%.

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