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Overnight Markets: Wall Street stages late-day rally on upbeat earnings

Overnight Markets: Wall Street stages late-day rally on upbeat earnings

The Dow Jones and S&P 500 ended a volatile session into positive territory on Wednesday as optimism over a spate of upbeat earnings overshadowed an ongoing rise in bond yields.

The Dow Jones Industrial Average rose 60 points, or 0.3%, to 24,084. The S&P 500 added five points, or 0.2%, to 2,639. The Nasdaq Composite Index fell five points to 7,004, a decline of less than 0.1%.

All the three major indexes fluctuated in choppy trading as the Dow was supported in large part by Boeing, which rallied on better-than-expected results. However, the Nasdaq fell due to some large-capitalisation technology names.

Moves in the bond market still influenced trading in US stocks as Treasury yields stepped higher. The yield on the 10-year note climbed 3 basis points to 3.026% and neared its highest level since December 2013.

Shares of Boeing were up 4.2% after the company posted better-than-expected profits amid strong commercial airliner sales, leading it to raise its forecasts after a record 2017.

However, Twitter fell 2.4% after the social media company said it expects a slowdown in revenue growth and increasing costs, overshadowing its otherwise upbeat earnings report.

Shares of Texas Instruments Inc. added 4.7% after the electronics maker late Tuesday reported earnings ahead of forecasts.

General Electric Co. tumbled 4.3% after Moody’s Investors Service revised its outlook on the company’s ratings to negative.

Edwards Lifesciences Corp. slumped 3.8% after providing a disappointing forecast in its earnings report out late Tuesday.

Exxon Mobil Corp. rose 1.5%, providing one of the biggest lifts to the energy sector, which rose 0.8% as one of the strongest-performing sectors of the day.

Comcast Corp. surged 2.7% after the company reported a stronger-than-expected rise in revenue and launched a formal bid for Sky.

In Asia, share markets were mostly up in early trade on Thursday, likely taking cues from modest gains on Wall Street.

In Japan, the Nikkei 225 added 0.42%, while the Topix traded near flat. Across the Korean Strait, the Kospi was up 0.45%.

Australia's ASX 200 was near flat after the market was closed on Wednesday for a public holiday.

In Greater China, the Hang Seng Index fell 0.35%, while on the mainland, China’s Shanghai Composite Index declined 0.59%.

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