Sell-off in industrial, tech stocks sends Dow down for 5th straight day


Social media giant Twitter Inc (NYSE:TWTR) rose 3.5% to US$31.55 in pre-market trading after its first quarter numbers topped expectations. It shed 1.4 percent to $67.70 a barrel in NY the previous day.

The Dow Jones Industrial Average closed at 24,024, down 424 points or 1.74 percent, on April 24. The S&P 500 index, meanwhile, ended up about 0.2% at 2,639, as gains in the energy sector (XLE) health-care, consumer discretionary and industrials supported the broad-market benchmark.

The Toronto Stock Exchange's S&P/TSX composite index closed down 75.06 points, or 0.48 per cent, at 15,477.00.

On Wednesday Goodyear Tire & Rubber said higher raw materials costs and weaker demand hurt its business in the first quarter.

3M, the industrial products manufacturer, reported less-than-ideal earnings today: The $2.50 earnings per share and $8.3 billion sales fell in line with estimates, but the company said its full-year earnings might be lower than expected.

A late round of buying erased early losses on Wall Street, leaving major indexes mixed at the close of trading. The Dow and S&P 500 appear headed for a test of support at their 200-day levels.

Markets finish flat as Nifty closes in on 10600-mark
Shares of Indiabulls Housing Finance Company gained as much as 2.1 per cent to Rs 1,385 on strong Q4 profit. While the Sensex fell over 115 points to 34,501, the Nifty ended 43 points lower at 10,570 today.

USA stocks tumbled on Tuesday as surging bond yields and disappointing outlooks from Caterpillar and 3M sent investors stampeding out of equities.

Facebook fell 4 percent to $159.27 and Microsoft skidded 2.4 percent to $93.10.

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.

As for the tech-heavy Nasdaq, that has battled back even harder and is now up 9.7 points at 7,017 having fallen well below 6,950 in early trading. JPMorgan hiked the Dallas-based chipmaker's price target to 132, from 122, following a healthy first-quarter beat reported last Tuesday. The 10-year Treasury is seen as a proxy for interest rates and a predictor of the long-term outlook for the USA economy. It's been climbing because investors expect greater economic growth and faster inflation. Brent crude, used to price global oils, fell 1.1 percent to $73.86 per barrel in London. The euro fell to $1.2175 from $1.2237. Another market favorite, Amazon, shed 3.6 percent to $1,462.70. 3M, the maker of scotch tape and Post-it notes, saw its shares fall by 6.8 percent. Heating oil rose 0.4 percent to $2.14 a gallon.

OVERSEAS: Germany's DAX lost 0.2 percent while the French CAC 40 added 0.1 percent and Britain's FTSE 100 rose 0.4 percent.