Boeing stock plunges after Ethiopia crash, sending Dow lower

Bloomberg

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.

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.

Ethiopian Airlines confirmed that a Boeing 737 MAX 8, bound for Nairobi, Kenya, crashed shortly after taking off from the Ethiopian capital Addis Ababa Sunday morning, killing all 157 people onboard.

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 closed in a mixed mode on Tuesday, 12 March 2019 led by the health care and utilities sectors, while the Dow Jones Industrial Average retreated as shares of Boeing came under heavy pressure following a fatal crash over the weekend of a 737 Max aircraft.

The S&P 500 index rose 6 points, or 0.2 per cent, to 2,789. The Nasdaq rose 32 points, or 0.4 percent, to 7,591.

Stocks are closing mostly higher on Wall Street, extending gains for the S&P 500 index into a second day. The Nasdaq Composite gained 13.79 points, or 0.18 per cent, to 7,571.85 at the opening bell. The rally in the communications giant and Dow component helped offset some of Boeing's losses.

Apple Inc rose 3.5 percent after Bank of America Merrill Lynch upgraded the iPhone maker's shares to "buy".

The dollar fell more steeply shortly after data revealed that the US consumer-price index climbed 0.2% in February, matching market expectations, while the cost of living over the past year slowed again to 1.5% from 1.6%.

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.

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

Technology and health care stocks did the most to pull the market higher Tuesday.

The Dow Jones Industrial Average rose 100 points, or 0.4 per cent, to 25,657. Additionally, sales in January increased 2.3 percent from a year ago.

Tilray gained 3.1 percent, while Canopy Growth added 1.4 percent.

Intel rose 1.5 per cent Wednesday and UnitedHealth Group climbed 2.6 per cent.

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