Wall St up as inflation data supports dovish Fed; Boeing slips further

Wall St up as inflation data supports dovish Fed; Boeing slips further

The Nasdaq rose 52 points, or 0.7 per cent, to 7,643.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent from 2.64 percent late Monday.

The S&P 500 last week registered its biggest decline since the end of 2018 after tepid job and other economic data, but the index is up about 11 percent for the year so far.

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.

The S&P 500 index rose 12 points, or 0.4 per cent, to 2,803.

Boeing Co, the world's largest planemaker and best-performing Dow component this year by a wide margin, ended down 5.3 percent at $400.01, registering its biggest one-day percentage drop since October 29, after many airlines grounded the company's new 737 MAX 8 passenger jet following the second fatal crash involving the aircraft in just five months.

The bank's market value rose by $14 billion, which sounds impressive except for this fact: Apple, a much larger company, saw its market value rise by $24 billion, yet it accounted for less than 1% of the rise in the Dow because the price of its stock didn't change much.

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. Additionally, sales in January increased 2.3 percent from a year ago.

The Dow has been the way most people have tracked Wall Street's ups and downs since it was created in the late 19th century.

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"Lower rates help hold stocks up because (they) allow for higher multiples", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

The Dow fell 68 points, or 0.3 percent, to 25,585. Bank stocks also showed early strength, with Morgan Stanley gaining 1.6 percent.

Boeing weighed down the Dow Jones Industrial Average for a second day as shares in the aircraft maker fell amid safety concerns over its most popular plane.

The dollar strengthened to 111.29 Japanese yen from 111.21 yen on Monday.

The Dow is up 2,227.20 points, or 9.5 per cent. The euro advanced to $1.1256 from $1.1245.

The Russell 2000 is up 27.95 points, or 1.8 per cent. The Nasdaq rose 69 points, or 0.9 per cent, to 7,660.

Bullion prices ended higher at Comex on Tuesday, 12 March 2019.

The handheld device of trader Sal Suarino is reflected in his glasses as he works on the floor of the New York Stock Exchange, Tuesday, March 12, 2019.

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