Markets Right Now: Tech, health lead stocks gains at midday

15 March, 2019, 07:52 | Author: Billie Castillo
  • Boeing Shares Plunge After Ethiopian Airlines Crash

Aside from Boeing and engine-maker United Technologies (NYSE:), most other stocks were higher after data showed a solid rebound in in January. sales fell even more sharply than first thought in December, which is normally the most important month in the year.

The Dow Jones Industrial Average was hit particularly hard in reaction to steep plunge in Dow component Boeing. Stocks were helped by a US government report showing retail sales rose slightly in January after falling in December.

Technology and health care companies powered much of the gains Wednesday.

The S&P 500 index rose 8 points, or 0.3 percent, to 2,791.

The S&P 500 opened higher by 4.04 points, or 0.15 per cent, at 2,787.34.

Investors are also watching out for developments on the Brexit front.

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

Investors are still waiting for more details on any potential trade deal between the USA and China.

"We're just in this weird period where earnings just ended, we're waiting to see what happens with Brexit, waiting for a resolution from China and the trade situation there", Bell said.

Stocks are opening broadly higher on Wall Street, although a sharp drop in Boeing is pushing the Dow Jones Industrial Average lower. Fifth Third Bancorp rose 1.3 percent. The airline maker fell 5.3 percent after a plane crash on Sunday that involved the 737 MAX 8 jet. A similar Lion Air plane crashed in Indonesia in October, killing 189 people. Australia and Singapore suspended all flights into or out of their countries.

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Over the last 12 months, the all items index increased 1.5 percent before seasonal adjustment, said the department.

"The markets are reflecting a more favorable interpretation of the shift in central bank policies", he said. Economists had forecast retail sales to be unchanged in January. U.S. Treasury yields fell following the news. Excluding autos, they rose 0.9% (consensus +0.2%). The agreement comes after more than a year of negotiations.

All the major S&P sectors rose, led by gains in the technology sector, which was up 2.2 percent.

ENERGY: The price of benchmark US crude oil rose 20 cents to $57.07 a barrel.

CURRENCIES: The dollar inched down to 111.21 yen from Tuesday's 111.26 yen. The euro rose to $1.1297 from $1.1240.

And there are those that won't be comfortable until the S&P 500 finally breaks through resistance between 2,800 and 2817.

The Russell 2000 is up 200.32 points, or 14.9 percent. The Nasdaq, heavily weighted with tech stocks, jumped 149 points, or 2 per cent, to 7,558.

USA stocks surged on Monday, 11 March 2019 reversing some of the losses from last week.

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

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