Stocks end mostly higher; Boeing falls

Darnell Taylor
March 15, 2019

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

Authorities in Ethiopia, China, Singapore, Australia and Indonesia are among the countries that have grounded all Boeing 737 Max 8 aircraft.

Boeing Co, the best performing Dow component this year by a wide margin, tumbled 10.7 percent, and was on pace for its worst day in almost two decades after many airlines grounded the company's new 737 MAX 8 passenger jet.

ASIA'S DAY: The Shanghai Composite Index rose 1.1 percent to 3,060.31 and Tokyo's Nikkei 225 gained 1.8 percent to 21,503.69.

The fall weighed on airline stocks and pushed the Dow Jones airlines index 2.6 percent lower.

The Labor Department said its Consumer Price Index (CPI) rose 0.2 percent, in line with estimates, implying benign underlying inflation last month and supports the Federal Reserve's "patient" approach for further interest rate hikes this year.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.62 per cent.

Asian stock markets have followed Wall Street higher as investors look ahead to the British parliament's vote on a plan to leave the European Union.

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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.

Google's parent company Alphabet rose 2.2 percent and Botox maker Allergan rose 2.1 percent. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

The Dow ended with 200 points up afterfalling for more than 200 points last week.

Advancing issues outnumbered declining ones on the NYSE by a 1.89-to-1 ratio; on Nasdaq, a 1.27-to-1 ratio favored advancers. 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.

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

Japan's benchmark Nikkei 225 dropped 1.2 percent to 21,243.26 in morning trading. Facebook rose 2.3 per cent and Morgan Stanley rose 1.3 per cent.

Why? Boeing, a Dow component, fell by 10% in early trading after the second of its new line of 737s crashed shortly after takeoff this past weekend.

The S&P index recorded 35 new 52-week highs and one new low, while the Nasdaq recorded 25 new highs and four new lows.

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