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Wall Street Keeps Weekly Losses In Check
25-Apr-18 16:30 ET
Dow +59.70 at 24083.83, Nasdaq -3.61 at 7003.74, S&P +4.84 at 2639.40

https://www.briefing.com/investor/markets/stock-market-update/2018/4/25/wall-street-keeps-weekly-losses-in-check.htm

[BRIEFING.COM] Stocks battled back following a rough start to Wednesday's session, keeping weekly losses in check. The Dow Jones Industrial Average finished higher by 0.3%, ending a five-session skid, and the S&P 500 advanced 0.2%, but the Nasdaq Composite lost 0.1%, extend its losing streak to five sessions.

Initially, it looked as if Wednesday's session might be a continuation of Tuesday's sell off, as stock dropped sharply from their flat lines in the opening minutes. The market quickly found its footing, however, and started trending higher, eventually hitting positive territory in the afternoon. At lowest mark of the day, the S&P 500 was down 0.8% and, at its best, was up 0.4%.

A continued rise in Treasury yields didn't make things easy for the equity market. The benchmark 10-yr yield finally crossed the 3.0% mark after flirting with it over the last few sessions, finishing four basis points above its Tuesday close at 3.02% -- its highest close in more than four years. Meanwhile, the 2-yr yield climbed three basis points to 2.49% -- its highest close in nearly a decade.

Shares of Dow component Boeing (BA 342.86, +13.80) rallied 4.2% on Wednesday after the aerospace giant made a splash on the earnings front, easily beating top and bottom line estimates for the first quarter. Similarly, shares of chipmaker Texas Instruments (TXN 103.00, +4.58), health insurer Anthem (ANTM 238.84, +13.84), and railroad giant Norfolk Southern (NSC 145.96, +10.99) added between 4.7% and 8.1% on better-than-expected Q1 results.

However, on the downside, Twitter (TWTR 29.75, -0.72) shares dropped 2.4% even though the company beat earnings and revenue estimates for the first quarter, and shares of Capitol One (COF 92.76, -4.66) tumbled 4.8% after the company's worse-than-expected Q1 revenues overshadowed its better-than-expected bottom line.

Most of the 11 S&P 500 sectors finished Wednesday in positive territory, but gains were pretty limited; the energy and telecom services sectors added 0.8% apiece, but no other group advanced more than 0.5%. Three sectors finished in negative territory, including the top-weighted financials and information technology groups, which lost 0.1% apiece.

Wednesday's economic data was limited to the weekly MBA Mortgage Applications Index, which showed a downtick of 0.2%. Tomorrow investors will receive Durable Goods Orders for March (Briefing.com consensus +1.9%), weekly Initial Claims (Briefing.com consensus 225K), Advance International Trade in Goods for March, and Advance Wholesale Inventories for March.

Nasdaq Composite: +1.5% YTD
Russell 2000: +1.0% YTD
S&P 500: -1.3% YTD
Dow Jones Industrial Average: -2.6% YTD