Stocks jump in choppy session as 10-year Treasury yield rises

81% of S&P 500 companies have beaten earnings estimates

U.S. stocks jumped in what was a choppy session, reversing steep losses as investors jockeyed around rising bond yields, the upcoming Federal Reserve meeting and a host of earnings.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32637.19 +516.91 +1.61%
SP500 S&P 500 4057.84 +79.11 +1.99%
I:COMP NASDAQ COMPOSITE INDEX 11740.650441 +305.91 +2.68%

The Nasdaq Composite and the S&P 500 rose 1.6% and 0.6%, respectively. While the Dow Jones Industrial Average, reversed a 400+ point drop, closing higher by over 85 points or 0.3%.

The 10-Year Treasury yield topped 3% before settling at 2.99% the highest since November 2018. 

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Along with the Fed, 152 companies in the S&P 500, or almost one-third of the benchmark index, are set to report. So far more than half the companies in the index have provided earnings.

In stocks, Spirit Airlines rejected an enhanced offer from JetBlue, the discount carrier said it prefers the initial offer from Frontier. 

Ticker Security Last Change Change %
SAVE SPIRIT AIRLINES INC. 19.86 +0.99 +5.25%
ULCC FRONTIER GROUP HOLDINGS 9.52 +0.60 +6.73%
JBLU JETBLUE AIRWAYS CORP. 10.61 +0.35 +3.41%

Apple in focus after Warren Buffett disclosed in an interview with CNBC that he purchased $600 million worth of the shares last quarter. 

Ticker Security Last Change Change %
AAPL APPLE INC. 143.78 +3.26 +2.32%

In this photo provided by the New York Stock Exchange, trader James McCarthy works on the floor, Wednesday, April 27, 2022 (Courtney Crow/New York Stock Exchange via AP / Associated Press)

In energy trading, U.S. crude rose $105.17 per barrel level, while Brent, the global benchmark, ticked up to $107.58. 

PRICE OF DIESEL HITS ALL-TIME HIGH, STRAINING THE TRUCKING INDUSTRY

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 84.59 +2.11 +2.56%
BNO UNITED STS BRENT OIL FD LP UNIT 33.32 +0.73 +2.24%

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The Associated Press contributed to this report.