MARKETS REPORT: #US Dow drops by 600-points on earnings and has fallen for the past five straight days — its longest losing streak in more than a year — and has given up its gains for the year as Wall Street see closure down 424-points #AceFinanceDesk reports

#AceFinanceReport – Apr.24: Seemingly good results from Dow components Caterpillar, Coca-Cola and United Technologies (UTX) didn’t please Wall Street: The Dow closed down 425 points, or 1.7%, after opening with a 130-point gain. At its worst point of the day, the Dow was down more than 600 points #AceFinanceDesk reports

The Dow has fallen for the past five straight days — its longest losing streak in more than a year — and has given up its gains for the year. Why the nearly 650-point swing in the Dow in a matter of hours? Once investors took a closer look at the results, they focused on the negatives………Caterpillar (CAT), for example, warned that profit margins would probably not get any higher this year than they are now……..And Coke (KO) investors were disappointed that lower prices may have helped drive sales — even though Diet Coke finally returned to growth. Shares of Caterpillar plunged 6% while Coke’s stock lost 2%.

Verizon was one of the few companies that posted strong results Tuesday that didn’t seem to have any caveats — and it was rewarded for it. Shares of Verizon (VZ) rose 2%……..But other earnings reports were downright gloomy. 3M (MMM), another Dow component, lowered its outlook for the year. That sent its stock plunging 7%. Insurance company Travelers (TRV), also in the Dow, fell 3% after its earnings missed forecasts……..All this negativity dragged down other old-school, classic industrial Dow companies too. Boeing (BA) and DowDuPont (DWDP) both fell about 3%……..And tech investors were disappointed by increased expenses at Google parent Alphabet:

Why everyone is stressing about the 10-year Treasury

Even though Alphabet (GOOGL) posted solid gains in earnings and revenue that easily topped Wall Street’s estimates, the stock fell 5% — and that helped drag down the S&P 500, Nasdaq and tech titans Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Facebook (FB)………..It didn’t help that the yield on the 10-year US Treasury note rose above 3% for the first time in more than four years Tuesday morning……..If this benchmark bond rate keeps climbing, it may make it more expensive to borrow money for mortgages and auto loans and could eat into profits at big US companies — especially since the Federal Reserve is expected to keep raising short-term rates:

Still, one expert said investors may be overreacting to the moves in the bond market.

“I don’t know that there is any magic to the 3.0% level other than it is a nice round number,” said Jeff Mills, co-chief investment strategist for PNC Financial Services Group. “There is no rule that says rising rates are bad for the stock market.” ……….Mills added that since 1928, stocks have actually done a little bit better when rates have gone up. The market has gained about 11% on average during years that rates have gone up and 9% in years of falling rates…………..But jittery investors don’t seem to care about historical market facts right now. They are selling first and asking questions later………Dow drops 425 points on earnings for its longest losing streak in a year https://cnnmon.ie/2Jn23ZX pic.twitter.com/W0hw223UBv: CNNMoney (New York) First published April 24, 2018: 1:47 PM ET #AceFinanceNews

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(WASHINGTON) According to a ‘ Congressional Report ‘ released Monday ‘ tax break ‘ for mortgage interest disappearing for half of those who claimed it and only 13.8-million will be able to claim the ‘ mortgage interest deduction ‘ in 2018 down from more than 32.3-million in 2017: Here’s the chart on how it affects you #AceFinanceDesk reports

#AceFinanceReport – Apr.24: The number of homeowners who will benefit from the mortgage tax break is expected to plummet this year by more than half, according to a congressional report released on Monday: About 13.8 million taxpayers will be able to claim the mortgage-interest deduction in 2018, down from more 32.3 million in 2017, estimates from the Joint Committee on Taxation show……………That’s about a 57 percent drop #AceFinanceDesk reports

Tax returns using mortgage interest deduction

Income 2017 tax returns 2018 tax returns
less than $10,000 under 500 under 500
$10,000-$20,000 105,000 42,000
$20,000-$30,000 244,000 73,000
$30,000-$40,000 540,000 143,000
$40,000-$50,000 961,000 281,000
$50,000-$75,000 3,967,000 1,343,000
$75,000-$100,000 4,563,000 1,826,000
$100,000-$200,000 14,227,000 5,402,000
$200,000-$500,000 6,575,000 3,681,000
$500,000-$1 million 797,000 657,000
$1 million and over 328,000 314,000

Source: Joint Committee on Taxation estimates

Already, the deduction was not used by most taxpayers. Of the 150 million or so tax returns the IRS has received annually in recent years, just 20 percent claimed the deduction, according to research from the Urban Brookings Tax Policy Center:

The anticipated drop is largely due to the near-doubling of the standard deduction that took effect Jan. 1 under the new tax law. Fewer taxpayers are expected to itemize their deductions, which is the only way to take advantage of the tax break for interest paid on mortgages.The new report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year:

Taxpayers would need deductions worth more than the standard deduction for itemizing to make financial sense. And with few deductions left for taxpayers to turn to, that threshold will be a harder hurdle to clear.

For example, married couples filing jointly now get a standard deduction of $24,000, up from $12,700 last year. That amount for single filers is $12,000, up from $6,350. For heads of households, it’s now $18,000, up from $9,350. In combination with raising those amounts, the new tax eliminated personal exemptions: Tax break for mortgage interest disappearing for half of those who claimed it https://t.co/KE71rXsqTH— CNBC (@CNBC) April 24, 2018: https://t.me/acebreakingnews/679338 #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acetwitternews.wordpress.com/ Ace News Services Posts https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring