United States stocks rise on mostly solid earnings

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The 10-year yield, a benchmark for global borrowing costs, has been driven steadily higher by a combination of concerns over inflation, growing debt supply and rising Federal Reserve borrowing costs.

Stocks are opening slightly lower, extending the market's losses, after several companies reported weak results or warned of higher costs.

Comcast rose 3.7 percent after the US cable company submitted a $31 billion offer for pay-TV group Sky, challenging an already agreed but lower takeover bid from Rupert Murdoch's Fox. Earlier it peaked at 3 percent for the first time since January 2014.

So far, 24 percent of S&P 500 companies have reported first-quarter results, with 77.1 percent coming in above the Street consensus, versus the 64 percent average since 1994. The selling came after the 10-year Treasury yield hit 3%, spooking markets.

Reuters data shows that analysts are now estimating 21.1 percent profit growth in the first quarter among the S&P 500 companies, compared with 18.6 percent growth rate at the start of the earnings season. The S&P 500 fell 1.9 percent, with consumer staples and technology sliding. The Dow closed at 24,083.83, up 59.70 points. Higher rates, which are rising on expectations of stronger US economic growth and inflation, are also helping shore up the dollar.

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The Dow has recovered some of its losses as the morning progressed though and is now down 37 points at 23,987, while the S&P 500 followed in a similar vein and is just 6.2 points in the red at 2,628.3.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.

Alphabet fell 4.8 percent after reporting a spike in spending. It shed 1.4 percent to $67.70 a barrel in NY the previous day.

The dollar edged up to 108.67 yen from 108.65 yen.

ENERGY: Benchmark U.S. crude oil shed 1.3 percent to $67.78 a barrel in NY. The euro rose to $1.2244 from $1.2205.

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Ford's shares traded up about 2.2% in after-hours trading Wednesday at $11.35 after closing at $11.11, in a 52-week range of $10.14 to $13.48.

ENERGY: Benchmark U.S. crude oil shed 1.4 percent to $67.70 a barrel in NY.

The Russell 2000 is up 17.77 points, or 1.2 percent. The Nasdaq increased 11 points, or 0.2 percent, to 7,139. Silver climbed 0.7 percent to $16.70 an ounce. Copper rose 1 percent to $3.14 a pound.

The largest percentage gainer on the TSX was Mitel Networks Corp, which rose 9.6 per cent.

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.

In Asia, Japan's Nikkei ended the day down 0.3%.

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Benchmarks in Hong Kong and South Korea fell as much as 1% by midday, while a number of other markets logged declines of at least 0.5%.

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