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

Share

The entire industrial sector and the Dow were dragged down by Boeing. Boeing lost 3 percent as more of its 737 Max 8 jets are idled following the second crash involving the jet model in less than five months. That followed the crash of another 737 Max 8 crashed in Indonesia on October 29 that killed 189 people.

Boeing released a statement shortly after Sunday's crash expressing its "heartfelt sympathies" to the friends and families of victims.

Here's something you don't see every day: The S&P 500 rose by 17 points as markets opened this morning, and the Dow Jones Industrial Average fell by 200. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported.

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

Apple climbed 1.6 percent on Tuesday and boosted markets, after the iPhone maker invited media to a March 25 event where it is expected to launch a television and video service.

The S&P 500 is up 48.45 points, or 1.8 per cent.

The Dow fell 68 points, or 0.3 percent, to 25,585. Additionally, sales in January increased 2.3 percent from a year ago.

The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.62 percent.

The dollar fell more steeply shortly after data revealed that the USA consumer-price index climbed 0.2% in February, matching market expectations, while the cost of living over the past year slowed again to 1.5% from 1.6%.

CURRENCY: The dollar gained to 111.26 yen from Monday's 111.21 yen. Brent crude, used to price worldwide oils, added 70 cents to $67.28 per barrel in London. The euro rose to $1.1297 from $1.1240.

Advancing issues outnumbered decliners for a 2.18-to-1 ratio on the NYSE and a 1.62-to-1 ratio on the Nasdaq. Facebook rose 2.3 per cent and Morgan Stanley rose 1.3 per cent.

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

Crude oil futures settled higher for a second straight session on Tuesday, 12 March 2019 giving up an earlier move toward 2019 highs.

Share