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

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

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

Overnight stock price losses accelerated after the U.S. Labor Department reported employment grew more than expected in January with the biggest wage gain in more than 8-1/2 years.

The Dow Jones Industrial Average plunged more than 500 points on Friday as a strong report boosted bond yields and bolstered expectations that the U.S. Federal Reserve will hike its trend-setting interest rate.

ANALYST'S TAKE: "Fed Chair Janet Yellen's last meeting prior to stepping down saw the Fed reinforcing their positive outlook over both the economy and inflation while unanimously voting to keep rates unchanged", Jingyi Pan, a market strategist at IG in Singapore, said in a daily commentary. The S&P 500 Index closed at 2,823.81 for a gain of 1.38 points or 0.05%. Rising yields make bonds more appealing to investors seeking income, but they can also lead to higher financing costs for companies, homebuyers and other borrowers.

USA stocks sank on Friday, as the Dow plunged more than 400 points amid weak earnings reports from blue-chip companies and as a robust report boosted bond yields and bolstered expectations that the pace of interest rates hikes could pick up. Technology companies accounted for much of the market's gain, outweighing losses in health care and other sectors.

Eight of the 11 major S&P indexes were lower, with the materials index's 1.21 percent fall leading the decliners.

The Standard & Poor's 500 index gave up 19 points, or 0.7 percent, to 2,802. The Nasdaq composite fell 37 points, or 0.5 percent, to 7,346.

Still, "the movement in stocks since the beginning of the year has been remarkable", she added.

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Stocks were lifted earlier by a surge in Boeing (BA.N) which forecast better-than-expected full-year profits and said it expects to deliver a record number of commercial aircraft in 2018, sending its shares up 4.9%.

The Dow is up 1,467.49 points, 5.9 per cent.

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. Brent crude, used to price global oils, gained 26 cents to $69.15 per barrel in London. The yield on the 10-year Treasury rose to 2.75 percent from 2.71 percent late Wednesday.

The Nasdaq is down 94.29 points, or 1.3 percent.

Security services provider Avigilon accepted a C$27 a share offer from Motorola, prompting its shares to rise 18.1% in Toronto to US$26.95.

CURRENCIES: The dollar rose to 108.94 yen from 108.78 yen on Tuesday.

Exxon lost 5.7 percent and Chevron fell 3.7 percent. The euro strengthened to $1.2478 from $1.2410. Over in Sydney, the S&P/ASX 200 gained 0.71%.

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