Markets Right Now: Stocks open higher; Boeing falls again

14 March, 2019, 23:42 | Author: Regina Silva
  • Traders work on the floor of the New York Stock Exchange in New York US Mar 8 2019

After consolidating near the opening, the Dow Jones Industrial Average rebounded on the back of a 3.47 percent gain in Apple shares. The S&P 500 moves up and down based on changes in its members' market value, but the Dow bounces around according to changes in its 30 members' stock prices.

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

These moves experienced on Monday came after big indexes posted their worst performances these past few days of 2019 which are amid the growing concern of a slowdown economically around the world. "You're starting to see that return to growth in the market right now".

The S&P 500 index rose 6 points, or 0.2 per cent, to 2,789. Boeing's losses trimmed more than 150 points from the Dow. The Nasdaq rose 52 points, or 0.7 per cent, to 7,643.

The S&P 500 index rose 11 points, or 0.4 percent, to 2,795.

The index briefly pared gains in afternoon USA trading following news that British lawmakers crushingly rejected Prime Minister Theresa May's deal to quit the European Union.

F5 Networks Inc slipped almost 8%, the most on the S&P index, after the network software maker said it would buy privately held NGINX.

Investors are still waiting for more details on any potential trade deal between the US and China. "We're in wait-and-see mode".

Technology and health care stocks did the most to pull the market higher Tuesday.

The wreckage of the ill fated Ethiopian Airlines Boeing 737 Max 8 aircraft near Bishoftu.[Reuters] News of a Boeing Company's 737 Max crash operated by Ethiopian Airlines is bringing out equity bears. In October, a Lion Air plane crashed into the sea off the Indonesian capital of Jakarta, killing all 189 people onboard.

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The impasse has raised fears of a chaotic "no-deal" Brexit that could disrupt businesses in Britain and the 27 remaining European Union countries. Australia and Singapore suspended all flights into or out of their countries.

The Labor Department's latest snapshot of consumer prices also put investors in a buying mood.

"Lower rates help hold stocks up because (they) allow for higher multiples", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Traders bid up shares in Stitch Fix after the personal styling service blew past analyst's expectations for the fourth-quarter. Hong Kong's Hang Seng added 1.5 percent to 28,821.14 and Seoul's Kospi gained 0.9 percent to 2,157.18. Both stocks soared on the news, lifting the NASDAQ Composite, with Nvidia rising more than 6.97 percent while Mellanox jumped 7.78 percent. The agreement comes after more than a year of negotiations. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.60 percent.

The dollar strengthened to 111.29 Japanese yen from 111.21 yen on Monday. The euro advanced to $1.1256 from $1.1245. Global benchmark May Brent crude gained 9 cents, or 0.1%, to $66.67 a barrel on ICE Futures Europe, following a high at $67.39.

The Russell 2000 is up 27.95 points, or 1.8 per cent.

The Nasdaq is up 182.89 points, or 2.5 per cent.

Trader Dudley Devine works on the floor of the New York Stock Exchange, Tuesday, March 12, 2019.

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