Sunday, 24 March 2019
Latest news
Main » Can the Stock Market Keep Rallying? These Two Indexes Say It Can

Can the Stock Market Keep Rallying? These Two Indexes Say It Can

15 March 2019

U.S. stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing's shares limited the Dow's advance after a deadly airline crash in Ethiopia. The S&P 500 was up 8.22 points, or 0.30 percent, to 2,791.52.

KEEPING SCORE: The Dow fell 13 points, or 0.1 percent, to 25,436 as of 10:25 a.m.

Apple Inc rose 2.3 percent, and was the biggest boost to the benchmark S&P 500 and Nasdaq indexes after Bank of America Merrill Lynch upgraded the iPhone maker's shares to "buy" from "neutral".

Late Tuesday, Prime Minister May lost the vote on her revised Brexit deal, as expected, by a margin of 149 votes, despite securing last-minute concessions from the European Union over the Brexit divorce deal on Monday.

Traders appeared to mostly shrug off the developments in Britain, though US indexes lost some of their gains toward the end of the day as the Brexit vote was being held.

Boeing weighed down the Dow Jones Industrial Average for a second day as the airplane maker falls amid safety concerns following another deadly crash involving its most popular plane.

The week opens with investors still waiting for more details on any potential trade deal between the USA and China.

The Dow fell 36 points, or 0.1 percent, to 25,618. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off.

Boeing Co slumped 6.4 percent extending Monday's losses, as more countries grounded the company's best selling line of jets following a second fatal crash in five months, while Senators Mitt Romney and Elizabeth Warren also urged the Federal Aviation Administration to temporarily ground the aircraft.

Britain joined a growing number of countries to ground the plane.

After consolidating near the opening, the Dow Jones Industrial Average rebounded on the back of a 3.47 percent gain in Apple shares.

The dollar fell more steeply shortly after data revealed that the US 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%.

The news weighed on airline stocks. This decline shaved off close to 150 points from the Dow given its nature in the price-weighted stock's elevated price compared to a range of other Dow components.

April West Texas Intermediate crude rose 8 cents, or 0.1%, to settle at $56.87 a barrel on the New York Mercantile Exchange on Tuesday after trading as high as $57.55. The euro advanced to $1.1256 from $1.1245. 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.

Can the Stock Market Keep Rallying? These Two Indexes Say It Can