Markets

Boeing's stock set to add 120 points to Dow industrials

Boeing's stock set to add 120 points to Dow industrials

The major US stock indexes closed mostly lower Thursday after a midday gain faded by late afternoon.

After the data, benchmark 10-year Treasury yields extended their rise to more than 2.8 percent, while traders boosted bets that the U.S. Federal Reserve will raise interest rates three times this year. The Fed, as expected, held off on raising interest rates.

The Dow Jones average was down 402 points at 25,784 and the S&P 500 was 36 points at 2,786 as the value of the United States dollar rose by an average of 0.5% on foreign exchange markets.

Google parent Alphabet fell 4.5 per cent after the company's quarterly profit missed analysts' estimates. The losses outweighed solid gains by financial stocks, which got a boost as climbing bond yields set the stage for higher interest rates on mortgages and other loans.

The S&P 500 is down 50.89 points, or 1.8 per cent.

Nasdaq 100 futures climbed 0.4%, as Apple (AAPL) dragged lower and despite gains by all four FANG stock tech leaders.

Investors will be looking at fresh data and earnings Thursday. Facebook rose 3.3 percent a day after the social media company posted strong quarter results. The stock added $8.18 to $195.07.

The Standard & Poor's 500 index gave up 19 points, or 0.7 percent, to 2,802.

Elsewhere, the Stoxx Europe 600 swung between small gains and losses and closed down 0.2% following its biggest daily fall of the year.

Former GM Towers dies of cancer
Even though the Padres were blanked by the Bronx Bombers in four straight games, it was an October to remember in sunny San Diego. Kevin spent almost thirty years in the Padres Organization as a player, scout and front office executive.


FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016.

DELIVERING A DUD: United Parcel Service slumped 5.7 percent after it said that higher costs affected its business in the fourth quarter. Brent crude, used to price global oils, declined 16 cents to $68.36 in London.

The CBOE Volatility Index, the most widely followed gauge for investors' fear of stock market volatility, rose to 14.39, after having fallen in the previous two sessions.

"A clear sign that confidence was restored by the jobs report was the fact USA 10-year Treasuries hit a four-year high immediately after it was released".

CURRENCIES: The dollar rose to $109.52 yen from 109.11 yen on Wednesday.

Exxon lost 5.7 percent and Chevron fell 3.7 percent.

FED RATE: The Fed kept its key rate in a still-low range of 1.25 percent to 1.5 percent and said in a statement that it expects inflation to finally pick up this year, stabilizing around the Fed's target level of 2 percent. The euro strengthened to $1.2478 from $1.2410.

The 2.4 percent drop in the Dow came as the Labor Department reported 200,000 jobs were added to the economy last month, which was stronger than expected, and the unemployment rate stayed at 4.1 percent - the lowest since 2000. S&P 500 futures were ahead 0.5%.


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