Economy

United States stocks rise and bond yields set four-year highs

United States stocks rise and bond yields set four-year highs

The S&P 500 index sank 28 points, or 1.1 percent, to 2,642 as of 1 p.m.

Duane McAllister, senior portfolio manager for Baird Advisors, doesn't think rising yields are a problem for the stock market. The blue chip Dow Jones Industrial Average closed at 24448.69, 14.25 or -0.06% and the tech-driven NASDAQ Composite finished the session at 7128.60, down 17.53 or -0.25%. Bloomberg News reported that the companies are close to a deal and the shares rose 2.2 percent to $163.53.

In the cash market, the benchmark S&P 500 Index settled at 2670.29, up 0.15 or +0.01%.

Stocks fell on Monday as tech shares declined, while investors fretted over higher interest rates.

Caterpillar rose 1.4 percent Citigroup upgraded to "buy", saying the stock could outperform over the next six to 12 months.

This week, 181 S&P 500 companies are scheduled to report including some of the technology heavy-hitters like Facebook, Microsoft, Amazon and Intel.

Asian shares were mostly higher Tuesday as a surge in USA bond yields pushed the value of the dollar higher against other major currencies.

More news: Apple To Replace Some Macbook Pro Batteries

The CEO of Sears, Eddie Lampert, called for the struggling retailer to sell the Kenmore brand and its home improvement business.

Coca-Cola Co.(KO) reported earnings that slightly beat expectations, but the stock fell 1.3%. 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.

"We've got great consumer sentiment and inflation is still contained". That helped energy companies finish higher.

The prospect of rising inflation comes as USA companies are reporting results for what is turning out to be a much stronger-than-expected first quarter. In the technology industry, electronics manufacturer Sanmina-ICU jumped 18.1 percent to $32.70.

CURRENCIES: The dollar rose to 108.24 yen from 107.60 yen. The euro rose to $1.2229 from $1.2205.

ENERGY: Benchmark U.S. crude dropped $1.03, or 1.5 percent, to $67.37 per barrel in NY while Brent crude, used to price global oils, lost 56 cents to $73.50 per barrel in London. Brent crude gained 0.9 percent to $74.71 in London. The Nasdaq composite was unchanged at 7,145.

The S&P/Case-Shiller national index rose a seasonally adjusted 0.5% (http://www.marketwatch.com/story/home-prices-surge-to-a-near-four-year-high-case-shiller-shows-2018-04-24) and was up 6.3% compared with a year ago in February, hitting a four-year high. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent.


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