techkenyot.com
techkenyot.com March 24, 2019


Boeing's sliding stock is erasing more than 100 points from the Dow

15 March 2019, 04:43 | Hattie Nash

Markets Right Now: Tech stocks lead rally; Boeing hits Dow

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The S&P 500 rose 8.22 points, or 0.3%, to finish at 2,791.52 as health care and utilities stocks led gains, while the Nasdaq Composite Index rose 32.97 points, or 0.4%, to finish at 7,591.03.

At 10.56am ET the Dow Jones Industrial Average was down 18.67 points, or 0.07%, at 25,632.21, the S&P 500 was up 12.29 points, or 0.44%, at 2,795.59 and the Nasdaq Composite was up 36.20 points, or 0.48%, at 7,594.27.

The S&P 500 opened higher by 4.04 points, or 0.15 per cent, at 2,787.34.

Britain's exit from the European Union hung in the balance on Tuesday after Attorney General Geoffrey Cox said last-minute legally binding assurances won by Prime Minister Theresa May to her divorce deal left the legal risk over the Irish backstop unchanged.

The S&P and Nasdaq futures edged higher on Monday after inflation data showed US consumer prices in February rose for the first time in four months, but Boeing's fall for a second straight session pressured the Dow futures.

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A report showing that USA consumer prices rose modestly last month - the latest evidence that inflation remains in check - also helped lift stocks.

The Dow Jones Industrial index fell on Monday as shares of the world's largest planemaker tumbled after a second deadly crash in just five months, but a jump in technology stocks helped cap some losses and lift the broader markets.

Traders appeared to mostly shrug off the developments in Britain, though US indexes lost some of their gains toward the end of the day as the Brexit vote was being held.

Stocks are opening mostly higher on Wall Street, led by gains in technology companies and banks.

Investors are still waiting for more details on any potential trade deal between the US and China.

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Why? Boeing, a Dow component, fell by 10% in early trading after the second of its new line of 737s crashed shortly after takeoff this past weekend. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off. More than a dozen airlines as well as the governments of China, Indonesia, Australia and Singapore have grounded the aircraft.

The British pound saw volatile trade throughout the session, while the ICE U.S. Dollar Index, a measure of the U.S. currency against six major rivals, was down 0.3%.

U.S. stocks rose on Tuesday as benign February inflation data supported the Federal Reserve's dovish stance on future rate hikes, but Boeing's fall for a second straight session pressured the Dow. A key sales figure fell 2.2 percent in the period, worse than what analysts were expecting. Microsoft added 1.1 per cent and UnitedHealth Group climbed 2.6 per cent. The euro advanced to $1.1256 from $1.1245.

Bullion prices ended higher at Comex on Tuesday, 12 March 2019.

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