Saturday, 23 March, 2019

Wall Street ekes out gains at open after inflation data

An American Airlines Boeing 737 Max 8 is seen taxiing to its gate at Miami International Airport Boeing Shares Plunge After Ethiopian Airlines Crash
Priscilla Morrison | 14 March, 2019, 23:44

The Dow Jones Industrial Index sharply dropped as a result early Monday, capping gains in the broader markets.

Chipmaker Nvidia Corp jumped after entering a $6.8 billion deal to buy Mellanox Technologies Ltd.

Boeing briefly dipped, but finished slightly higher, after the US said it was joining other countries in grounding the company's 737 Max 8 airplane following a fatal crash of an Ethiopian airliner over the weekend.

Boeing went down a spiraling 5.3 percent after their plane 737 MAX 8jet crashed on Sunday.

Aircraft giant Boeing's shares dropped almost 12 percent shortly after markets opened Monday, a day after an Ethiopian Airlines jet crashed, killing all 157 people on board.

United States stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing's shares limited the Dow's advance after a deadly airline crash in Ethiopia.

More news: Trump budget would slash billions from HUD, grant programs

The Dow Jones Industrial Average rose 200 points, or 0.8 per cent, to 25,650.

The benchmark S&P 500 index gained 8.22 points, or 0.3 percent, to 2,791.52. The Nasdaq rose 32 points, or 0.4 percent, to 7,591. Boeing's losses trimmed more than 150 points from the Dow. The rally in the communications giant and Dow component helped offset some of Boeing's losses. The Nasdaq rose 36 points, or 0.5 per cent, to 7,626.

The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.62 per cent. Microsoft added 1.1 per cent and UnitedHealth Group climbed 2.6 per cent.

The bank's market value rose by $14 billion, which sounds impressive except for this fact: Apple, a much larger company, saw its market value rise by $24 billion, yet it accounted for less than 1% of the rise in the Dow because the price of its stock didn't change much. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

May silver ended 13.9 cents, or 0.9%, higher at $15.413 an ounce. The consumer price index rose a modest 1.5 percent last month from a year ago. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported. Wholesale gasoline fell 1 cent to $1.82 a gallon, heating oil fell less than 1 cent to $1.99 a gallon and natural gas rose 1 cent to $2.78 per 1,000 cubic feet.

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