Stocks up as economic data, tech shares offset effect of Boeing woes
Stocks rose Monday as encouraging economic news and rising technology company shares offset a downdraft from Dow Jones Industrial Average component Boeing Co.
The Chicago-based aerospace giant's stock fell after a second deadly crash, this one in Ethiopia, involving the plane-maker’s 737 Max 8 jet. Airline shares were also taking a hit on the news.
The Ethiopian Airlines jet crashed minutes after takeoff from Addis Ababa on Sunday, killing all 157 on board.
It was the same model aircraft flown by Lion Air that crashed off the coast of Indonesia in October, killing all 189 on board. The crash has caused many airlines to ground the plane.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
Boeing was supposed to hold a ceremonial debut of its 777X widebody aircraft this week. That has been postponed.
Technology stocks were helping the broader market, with Nvidia agreeing to pay approximately $7 billion for Mellanox Technologies in an all-stock deal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 826.32 | +29.55 | +3.71% |
| ALGN | ALIGN TECHNOLOGY INC. | 310.50 | -3.28 | -1.05% |
| WDC | WESTERN DIGITAL CORP. | 69.44 | -0.11 | -0.16% |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | 87.26 | +0.15 | +0.17% |
In U.S. economic news, retail sales unexpectedly rose in January, lifted by an increase in purchases of building materials and discretionary spending. The Commerce Department said retail sales rose 0.2 percent.
Also lifting major averages was news that the U.S. and China have reached agreement on a number of oustanding trade issues.
In Europe, the major markets closed higher. London’s FTSE rose 0.4 percent, Germany’s DAX gained 0.8 percent and France’s CAC was up 0.7 percent.
In Asian markets on Monday, China’s Shanghai Composite index closed up 1.9 percent after the central bank governor pledged more support for a slowing economy.
CLICK HERE TO GET THE FOX BUSINESS APP
Hong Kong’s Hang Seng added 1 percent and Japan’s Nikkei ended the day up 0.5 percent.
FOX Business' Ken Martin contributed to this report.