US stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing’s shares limited the Dow’s advance after a deadly airline crash in Ethiopia. Boeing Co, the world’s largest planemaker and best-performing Dow component this year by a wide margin, ended down 5.3 per cent at $400.01, registering its biggest one-day percentage drop since 29 October, 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.
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. All the major S&P sectors rose, led by gains in the technology sector, which was up 2.2 per cent. The industrial sector reversed early losses to end up 0.9 per cent.
The Dow Jones Industrial Average rose 200.64 points, or 0.79 per cent, to 25,650.88, the S&P 500 gained 40.23 points, or 1.47 per cent, to 2,783.3 and the Nasdaq Composite added 149.92 points, or 2.02 per cent, to 7,558.06. The S&P 500 last week registered its biggest decline since the end of 2018 after tepid job and other economic data, but the index is up about 11 per cent for the year so far.
Apple rose 3.5 per cent after Bank of America Merrill Lynch upgraded the iPhone maker’s shares to “buy.” Also, Apple invited media to a March 25 event at the Steve Jobs Theatre on its campus in Cupertino, California. Sources previously told Reuters that Apple is targeting April for the launch of a streaming television service that will likely include subscription TV service.Morning-Market-Note-Tuesday-12th-March