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May 25 2018, 02:47 | Alonzo Simpson
Stocks get whacked after the 10-year hits 3%
The Dow Jones industrial average closed 424 points lower, a 1.74 percent drop, after falling more than 600 points by midday Tuesday.
Other technology stocks in the FAANG group, Facebook, Amazon.com Inc and Netflix Inc, also weighed on the Nasdaq. The S&P 500 fell 1.9 percent, with consumer staples and technology sliding. When investors sell debt, prices fall and yields rise. But later in the day, the industrial giant's stock declined, closing the session down 6.8%.
The yield on the 10-year Treasury, a benchmark for interest rates on many kinds of loans including mortgages, hit 3 percent for the first time since January 2014, reflecting higher expectations for inflation and economic growth.
Australia reports quarterly import prices. If the S&P 500 produces earnings of $155 in 2018, that would put the market's fair value at around 2,583.
Verizon, Harley-Davidson and Fifth Third Bancorp all rose sharply in early trading Tuesday after reporting results that came in ahead of analysts' forecasts.
USA stock indexes swung between gains and losses on Wednesday, as Boeing's jump after upbeat results and outlook was negated by declines in technology stocks and rising US bond yields.
Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average.
Despite the positive quarterly report, the shares of M3 fell by 6.83% after the corporation downgraded its annual profit forecast.
Apple Inc shares lost per cent as worries over softening demand for high-end smartphones were underscored as Corning Inc reported a drop in screen glass sales for the first time in at least four quarters.
Oil topped $75 a barrel before plunging more than 2.5%.
Caterpillar fell 0.6 percent, down for the second day after its management noted first-quarter earnings would be the "high water mark" for the year and warned of higher material costs.
Declining issues outnumbered advancers on the NYSE for a 1.79-to-1 ratio and for a 1.60-to-1 ratio on the Nasdaq.
Volume on USA exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.