Economy

Tech Companies Shares Offset Slump in Boeing as Markets Close Higher

Tech Companies Shares Offset Slump in Boeing as Markets Close Higher

Stocks closed higher on Wall Street, led by gains in health care and technology companies and giving the market its third straight gain. Nvidia was the index's strongest performer after agreeing to buy chipmaker Mellanox.

Boeing briefly dipped, but finished slightly higher, after the USA 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.

Although, the Federal Aviation Administration declared the 737 Max 8 airworthy, more regulators have chose to ground the planes, including those in Australia, Singapore and the Middle East.

In the meantime, shares of the Dow component Boeing plunged more than 6 percent on Tuesday after an Ethiopian Airlines plane crash that happened on Sunday.

US stocks closed in a mixed mode on Tuesday, 12 March 2019 led by the health care and utilities sectors, while the Dow Jones Industrial Average retreated as shares of Boeing came under heavy pressure following a fatal crash over the weekend of a 737 Max aircraft.

In the cash market on Monday, the benchmark S&P 500 Index settled at 2783.30, up 40.23 or +1.45%.

The S&P index recorded 43 new 52-week highs and one new low, while the Nasdaq recorded 50 new highs and 18 new lows. The Nasdaq rose 69 points, or 0.9 per cent, to 7,660.

The Commerce Department meanwhile reported U.S. retail sales had recovered slightly after a dismal December.

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The Dow Jones Industrial Average rose 167 points, or 0.7 per cent, to 25,722. Stocks were helped by a US government report showing retail sales rose slightly in January.

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.

Apple is up 3.2 per cent after an analyst upgraded the stock, while Nvidia is gaining 4.7 per cent after announcing an acquisition.

Gold for April delivery rose $7, or 0.5%, to settle at $1,298.10 an ounce on Tuesday after losing 0.6% on Monday.

The Dow is up 104.42 points, or 0.4 per cent.

The S&P 500 index rose 12 points, or 0.4 per cent, to 2,803. Bank stocks also showed early strength, with Morgan Stanley gaining 1.6 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.63 percent. 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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