Markets Right Now: Stocks end mostly higher; Boeing falls

Bloomberg

Bloomberg

The Labor Department said its Consumer Price Index (CPI) rose 0.2 percent last month, in line with estimates from economists polled by Reuters.

The Nasdaq is up 182.89 points, or 2.5 per cent.

The S&P 500 and Nasdaq rose on Tuesday after tame inflation data supported the Federal Reserve's dovish stance on rate hikes, but the Dow was down as Boeing's shares extended sharp losses from the day before. The major indexes are still enjoying gains of 9 percent or more for the year so far. The Dow, which was down nearly 50 points points in Tuesday early trading, would have been trading higher if not for Boeing's losses.

The week opens with investors still waiting for more details on any potential trade deal between the US and China. 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. Aviation officials in Ethiopia, China and Indonesia grounded fleets of the Max 8 jets Monday due to concerns about the model's safety, given that it has now been involved in two deadly crashes in less than five months. In October, a Lion Air plane crashed into the sea off the Indonesian capital of Jakarta, killing all 189 people onboard.

After consolidating near the opening, the Dow Jones Industrial Average rebounded on the back of a 3.47 percent gain in Apple shares. Later, other countries including Australia, Malaysia and Singapore, as well as some carriers in Latin America, announced moves to ground flights with the aircraft.

Dick's Sporting Goods' plunged 11 percent after the company reported a slide in sales during the fourth quarter and a weak forecast. CPI excluding the volatile categories of food and energy - considered by many to be a strong indicator of underlying inflation - rose 2.1% year-over-year, slower than the 2.2% pace anticipated. The agreement comes after more than a year of negotiations. The euro advanced to $1.1256 from $1.1245.

"The Dow Jones Industrial Average is a price-weighted average, and it just so happens that Boeing is its highest-priced component, which means it is going to have some outsized influence on its performance", he wrote.

Trader Michael Milano works on the floor of the New York Stock Exchange, Tuesday, March 12, 2019. Facebook rose 2.3 per cent and Morgan Stanley rose 1.3 per cent.

United States stocks rose on Tuesday as benign February inflation data supported the Federal Reserve's dovish stance on future rate hikes, but Boeing's fall for a second straight session pressured the Dow.

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