Friday, 24 May, 2019


Markets Right Now: Stocks open higher; Boeing falls again

Bloomberg Bloomberg
Conrad Doyle | 15 March, 2019, 04:45

This comes on the heels of data from last week that showed USA employment growth nearly stalled in February, which added to global growth fears that were already fanned by a sharp fall in China's exports and as the European Central Bank slashed growth forecasts for the region.

Boeing briefly dipped, but finished slightly higher, after the USA said it was joining other countries in grounding the company's 737 Max 8 airplane following a fatal crash of an Ethiopian airliner over the weekend. There were no survivors among the 157 on board, and the disaster came just months after a crash involving the same model in Indonesia.

Their losses pushed the Dow Jones Airlines index 0.47 percent lower.

The Dow fell 36 points, or 0.1 per cent, to 25,618. The S&P 500 was up 14.92 points, or 0.54 percent, at 2,757.99 and the Nasdaq Composite was up 67.46 points, or 0.91 percent, at 7,475.60.

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 rally in the communications giant and Dow component helped offset some of Boeing's losses. Notably, Bank of America, and Merrill Lynchupped Apple's stock to trade from neutral. Kelley also increased his price target to $215 per share up from $172.

For example, Goldman Sachs' shares soared in the weeks after Donald Trump's election in 2016, accounting for almost a quarter of the Dow's 1,000-point rally. Analyst Mark Kelley, in a note to clients, noted that customers were focusing on messaging and Facebook's stories format. Kelley also hiked his price target to $215 per share from $172. Nvidia was the index's strongest performer after agreeing to buy chipmaker Mellanox.

The Labor Department said its Consumer Price Index (CPI) rose 0.2 percent last month, in line with estimates, and in the 12 months through February the CPI rose 1.5 percent, the smallest gain since September 2016.

Monday's U.S. Retail Sales report offered mixed results.

The Commerce Department meanwhile reported U.S. retail sales had recovered slightly after a dismal December. 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.

Dick's Sporting Goods' plunged 11 percent after the company reported a slide in sales during the fourth quarter and a weak forecast. Hong Kong's Hang Seng fell 0.5 percent to 28,776.10, while the Shanghai Composite dipped 0.8 percent at 3,035.15.

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