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Dow falls 354 points as interest rates shoot higher

Dow falls 354 points as interest rates shoot higher

The Dow Jones Industrial Average rose 37.32 points, or 0.14 per cent, to 26,186.71, the S&P 500 lost 1.83 points, or 0.06 per cent, to 2,821.98 and the Nasdaq Composite dropped 25.62 points, or 0.35 per cent, to 7,385.86.

Banks, which benefit from higher interest rates, led the S&P 500 financials to a 0.8 percent gain. Oil prices headed lower. "I think the market is now thinking of the possibility that the Fed could raise rates four times this year rather than three".

TECH SURGE: Technology companies posted solid gains, recouping some of their losses from a day earlier.

The S&P 500 is up 150.20 points, or 5.6 percent. Electronic Arts jumped 7.2 percent after the video game maker forecast quarterly earnings and sales that were well ahead of what Wall Street analysts expected.

Some investors said a positive earnings and economic backdrop remains intact, though concerns about higher inflation and less accommodative central-bank policy have become more pronounced recently.

The Standard & Poor's 500 index rose 4 points, or 0.1 percent, to 2,826. The Nasdaq Composite dropped 23.54 points, or 0.32 per cent, to 7,387.94.

The S&P 500 is down 49.06 points, or 1.7 percent. The stock, which has been the biggest gainer in the Dow over the past year, added $19.75 to $357.46.

UNDER THE WEATHER: Health care stocks, including several drugmakers, were among the biggest decliners for the second day in a row.

Google's parent company Alphabet slumped 4.6 percent Friday after reporting results that missed analysts' forecasts.

Worries about the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average swooning nearly 666 points, for its biggest daily percentage loss in twenty months.

ENERGY: Benchmark U.S. crude fell 14 cents to $64.36 per barrel on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, gained 26 cents to $69.15 per barrel in London.

Advanced Micro Devices (AMD) jumped more than 3% after reporting an across-the-board fourth-quarter beat late Tuesday. Boeing's move comes after the aerospace manufacturer reported better-than-expected quarterly results and provided an upbeat outlook for 2018.by virtue of its share price has been the most influential among the Dow's components in recent months.

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

MARKETS OVERSEAS: Germany's DAX was flat, while France's CAC 40 gained 0.2 percent. Wages, meanwhile, rose 0.3 percent last month, in line with expectations. Over in Sydney, the S&P/ASX 200 gained 0.71%. In Asia, Tokyo's Nikkei 225 fell 0.8 percent, while Hong Kong's Hang Seng rose 0.9 percent.

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