Published: Thu, March 14, 2019
Money | By Ralph Mccoy

Wall Street ekes out gains at open after inflation data

Wall Street ekes out gains at open after inflation data

The stock had its highest daily trading volume since July 2013 and ended well off its session low of $365.55, but it kept a lid on the Dow, which managed only about half the gains of the S&P 500.

A boost was also imminent from the tech giants after Nvidia made announcements about buying Mellanox Technologies for $6.8 billion.

The fatal crash of the Ethiopian Airlines Flight ET302 - the second involving a Boeing 737 Max 8 in five months - caused airlines in three countries to ground all flights involving the popular jet and cast fresh safety concerns on the airline.

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.

US stocks opened mostly higher on Wall Street Monday, although a steep drop in Boeing is weighing down the Dow Jones Industrial Average.

At 10.56am ET the Dow Jones Industrial Average was down 18.67 points, or 0.07%, at 25,632.21, the S&P 500 was up 12.29 points, or 0.44%, at 2,795.59 and the Nasdaq Composite was up 36.20 points, or 0.48%, at 7,594.27.

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

The Nasdaq is up 182.89 points, or 2.5 per cent. analyst Patrick O'Hare said Boeing's impact on the Dow was not indicative of the performance of the wider market.

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The S&P and NASDAQ finished higher for the 2nd day in a row.

The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.

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

The Boeing loss restrained gains in the Dow, which rose 79 points, or 0.3 per cent, to 25,529.

The S&P 500 index rose 11 points, or 0.4 percent, to 2,795.

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

This, however, comes in the wake of Apple's shares which surged 3.47 percent putting-off some of Boeing's losses.

The Dow lost 96 points, or 0.4 percent, to 25,554. Data for December was revised down to show retail sales dropping 1.6 percent instead of tumbling 1.2 percent as previously reported. Facebook rose 2.3 per cent and Morgan Stanley rose 1.3 per cent.

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