Shares - Boeing Weighs on Dow As Gross sales Knowledge Carry S&P, Nasdaq

Daniel Fowler
March 14, 2019

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. Nvidia was the index's strongest performer after agreeing to buy chipmaker Mellanox.

Boeing lost 6.1 percent after many countries grounded the Boeing plane involved in the Ethiopian Airlines crash Sunday or banned it from their airspace.

Another big loss in Boeing pulled the Dow Jones Industrial Average lower for the second day running.

Shares in iPhone maker Apple, which gained 2.4 percent, were likely to offset Boeing's downward pressure after Bank of America analysts upgraded the company's stock, O'Hare said. Futures contracts on the Dow Jones Industrial Average Index - where Boeing has the largest weighting - slid as much as 0.7 per cent yesterday after Flight ET302 plunged to the ground minutes after leaving Addis Ababa en route to Nairobi, Kenya, killing all 157 people on board.

Technology stocks were among the biggest gainers, with Apple (NASDAQ:) up 2.2%, Facebook (NASDAQ:) gaining 2.5% and (NASDAQ:) rising 1.1%.

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. analyst Patrick O'Hare said Boeing's impact on the Dow was not indicative of the performance of the wider market.

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The Nasdaq composite, which is heavily weighted with technology stocks, climbed 32.97 points, or 0.4 percent, to 7,591.03. The Nasdaq Composite gained 13.79 points, or 0.18 per cent, to 7,571.85 at the opening bell.

Bond prices fell. The yield on the 10-year Treasury rose to 2.61 per cent.

Monday's U.S. Retail Sales report offered mixed results. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

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

Visa (NYSE:) rose 1%, as Exxon Mobil (NYSE:) increased 1.3% and Goldman Sachs (NYSE:) was up 1.4%.

The Dow is up 104.42 points, or 0.4 per cent. Additionally, sales in January increased 2.3 percent from a year ago. London's FTSE 100 was also flat, at 7,156, while the pound dropped a sharp 1 percent on expectations that the latest version of Britain's Brexit deal with the European Union will be voted down by lawmakers on Tuesday. 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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