Published: Thu, April 26, 2018
Industry | By Dora Warner

US Stocks sliding down drastically due to rising rates

US Stocks sliding down drastically due to rising rates

United States stocks tumbled Tuesday after a warning from executives of the industrial giant Caterpillar scared investors and the 10-year Treasury yield climbed to 3 percent for the first time since 2014. The Russell 2000 index declined 12 points, or 0.8 percent, to 1,549, about half as much as the S&P 500, which tracks large USA companies.

The Russell 2000 is down 13.66 points, or 0.9 percent.

So far, 31 percent of S&P 500 companies have reported earnings, 81.2 percent of which came in above consensus estimates.

The Dow is down 635.39 points, or 2.6 percent.

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West Texas Intermediate (WTI) crude futures were at $68.84 a barrel, up 20 cents, or 0.3 percent from their last settlement. Those higher oil prices are causing retail gasoline prices to rise, taking some of the benefits of his tax overhaul away.

Get premium stock lists, pass or fail stock ratings and more. Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said that hasn't happened yet. There were worries that markets would be rattled when the yield crossed the 3 percent threshold because it might cause the Federal Reserve to alter its outlook for interest rates but they now appear to be unfounded. The Dow Jones Industrial Average closed at 24,083.83 for a gain of 59.70 points or 0.25%. Brent crude, used to price worldwide oils, fell 1.1 percent to $73.86 per barrel in London.

The US markets ended the Tuesday trading session on red territory because of investors' concerns about a possible increase in interest rates and skeptical statement by the Caterpillar's President. Earlier this month, JPMorgan CEO Jamie Dimon suggested a sharp rise in interest rates to halt economic growth and increase unemployment.

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.

CURRENCIES: The dollar inched up to 108.86 yen from 108.84 yen. The euro fell to $1.2175 from $1.2237. The Nasdaq gave up 25 points, or 0.4 percent, to 6,979. Exxon Mobil rose 1.5 percent after raising its dividend. 3M, the maker of scotch tape and Post-it notes, saw its shares fall by 6.8 percent.

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Oil rose above $75 a barrel to its highest level since November 2014, but then reversed course as U.S. President Donald Trump and French President Emmanuel Macron pledged to try to resolve U.S.

METALS: Gold rose 0.7 percent to $1,333 an ounce. At last check, London's FTSE 100 and the French CAC 40 are each 0.7% lower. Japan's benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen.

Benchmarks in Hong Kong and South Korea fell as much as 1% by midday, while a number of other markets logged declines of at least 0.5%.

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