Markets Right Now: Stocks end mostly higher; Boeing falls

15 March, 2019, 07:53 | Author: Mary Valdez
  • Traders work on the floor of the New York Stock Exchange in New York US Mar 8 2019

However the blue-chip Dow pared losses, and all three indexes ended Monday higher boosted by a rally in tech stocks led by Apple Inc.

The benchmark S&P 500 index gained 8.22 points, or 0.3 percent, to 2,791.52.

"The Dow Jones Industrial Average is a price-weighted average, and it just so happens that Boeing is its highest-priced component, which means it is going to have some outsized influence on its performance", he wrote.

"Boeing without any question is going to be the theme for the Dow index, given its enormous weighting, but I don't see a spillover to any other indexes except airlines", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

Stocks are opening mostly higher on Wall Street, led by gains in health care and technology companies. Welcome to the odd world of how the stock market keeps count.

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The big USA manufacturer slipped for a second day as the fallout from a second deadly crash in recent months involving its 737 Max 8 aircraft spread further.

Technology stocks were among the biggest gainers, with Apple (NASDAQ:) up 2.2%, Facebook (NASDAQ:) gaining 2.5% and Amazon.com (NASDAQ:) rising 1.1%. Analysts at Bank of America said in a note that the company's recent pullback presents "opportunity".

The Nasdaq is up 922.79 points, or 13.9 percent. BoA also raised its 12-month price target to $210 per share from $180. Kelley also hiked his price target to $215 per share from $172. Better-than-expected USA retail sales and business inventories data, which helped provide a boost to US benchmark stock indexes, also put pressure on haven gold in Monday dealings. Both stocks soared on the news, lifting the NASDAQ Composite, with Nvidia rising more than 6.97 percent while Mellanox jumped 7.78 percent. Stocks were helped by a USA government report showing retail sales rose slightly in January. Australia's S&P/ASX 200 lost 0.5 percent to 6,141.30.

Dick's Sporting Goods' plunged 11 percent after the company reported a slide in sales during the fourth quarter and a weak forecast.

Further details revealed the drop in December was the biggest since September 2009 when the economy was emerging from recession. CPI excluding the volatile categories of food and energy - considered by many to be a strong indicator of underlying inflation - rose 2.1% year-over-year, slower than the 2.2% pace anticipated. February's retail sales report, which was scheduled for publication on Thursday, will be released on April 1.

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