Published: Чт, Марта 14, 2019
Finance | By Loren Pratt

Wall Street ekes out gains at open after inflation data

Wall Street ekes out gains at open after inflation data

A rally in the technology sector is pushing US stocks to broad gains Monday, led by Apple and chipmakers. Nvidia was the index's strongest performer after agreeing to buy chipmaker Mellanox.

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.

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

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.

Asian stock markets have followed Wall Street higher as investors look ahead to the British parliament's vote on a plan to leave the European Union.

The Dow Jones Industrial Average rose 200.64 points, or 0.79 percent, to 25,650.88, the S&P 500 gained 40.23 points, or 1.47 percent, to 2,783.3 and the Nasdaq Composite added 149.92 points, or 2.02 percent, to 7,558.06. The S&P 500 rose 0.8 percent and the Nasdaq composite rose 1.1 percent.

The rose 14 points or 0.52%, while the tech-heavy increased 63 points, or 0.86%. The Nasdaq rose 32 points, or 0.4 percent, to 7,591. analyst Patrick O'Hare said Boeing's impact on the Dow was not indicative of the performance of the wider market.

The Dow fell 36 points, or 0.1 percent, to 25,618.

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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.

Stocks also got a boost from a government report that showed a slight increase in retail sales for January that beat forecasts after a steep decline in December.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.60 percent. Stocks were helped by a US government report showing retail sales rose slightly in January.

Technology stocks powered the market's early gains.

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

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.

The Dow Jones Industrial Average rose 100 points, or 0.4 per cent, to 25,657. The consumer price index rose a modest 1.5 percent last month from a year ago. Fifth Third Bancorp rose 1.3 percent.

Intel rose 1.5 per cent Wednesday and UnitedHealth Group climbed 2.6 per cent.

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