Dow stays near record high, European shares end mixed

European shares ended mixed at their close on Tuesday in anticipation of this week`s European Central Bank meeting, while the Dow Jones Industrial Average remained near record highs, buoyed by a surge in industrial sector shares.

Although the German, French, Italian and Spanish indexes all rose, the pan-European STOXX 600 <.stoxx> closed down 0.4 percent.

"The market is anticipating that the ECB highlights some kind of inclination towards lower for longer, and that`s supportive for equities," said Pierre Bose, head of European equity strategy at Credit Suisse. "If they were a bit more hawkish that could take a bit of the steam out of the rally we`ve seen."

The pan-European FTSEurofirst 300 index <.fteu3> lost 0.30 percent and MSCI`s gauge of stocks across the globe <.miwd00000pus> gained 0.04 percent.

Apple supplier and chipmaker AMS jumped 21.8 percent after reporting third-quarter sales just under expectations. Analysts said strong fourth-quarter guidance from the iPhone supplier offset the miss.

Strong profits from Spain`s Caixabank also lifted the IBEX <.ibex> 0.4 percent after its Catalonia-related underperformance.

Earnings were top-of-mind in U.S. trading, raising the Dow Jones Industrial Average <.dji> 192.26 points, or 0.83 percent, to 23,466.22.

The world`s largest construction and mining equipment maker, Caterpillar Inc , beat third-quarter profit and sales estimates and raised its full-year forecasts. The Peoria, Illinois company expects revenue in its construction business to surge about 20 percent and its mining business to jump 30 percent. The company`s stock was up 4.6 percent.

3M , another Dow component, which makes a range of products from autoparts to office supplies, reported upbeat results, helping its stock gain 7.2 percent.

Earnings have gotten off to a strong start, with 73 percent of 120 S&P companies beating profit expectations as of Tuesday.

The S&P 500 <.spx> gained 5.29 points, or 0.21 percent, to 2,570.27 and the Nasdaq Composite <.ixic> added 21.12 points, or 0.32 percent, to 6,607.95.

U.S. 10-year Treasury yields remained close to a more than five-month peak. Benchmark 10-year notes last fell 9/32 in price to yield 2.4063 percent, from 2.375 percent late on Monday.

The 30-year U.S. Treasury bond last fell 21/32 in price to yield 2.9234 percent, from 2.89 percent late on Monday.

Japan`s Nikkei <.n225> had extended its 16-day winning streak to a 21-year peak overnight following the weekend election win for Prime Minister Shinzo Abe.

The New Zealand dollar hit a five-month low after the incoming Labour-led coalition government said it plans to review and reform the Central Bank Act to include employment, alongside inflation, as a dual target.

The dollar index <.dxy> rose 0.05 percent as the wait continued for President Donald Trump to name the next head of the U.S. central bank after he said on Monday a decision was "very, very close." Hopes for the passage of a tax cut plan also buoyed the greenback.

Spot gold dropped 0.4 percent to $1,276.63 an ounce, remaining near a two-week low.

U.S. crude rose 1.1 percent to $52.47 per barrel and Brent was last at $58.30, up 1.62 percent.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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