Wall Street ekes out gains at open after inflation data

Wall Street ekes out gains at open after inflation data

United States consumer prices rose for the first time in four months in February.

Boeing briefly dipped, but finished slightly higher, after the USA said it was joining other countries in grounding the company's 737 Max 8 airplane following a fatal crash of an Ethiopian airliner over the weekend.

On Sunday, Boeing's 737 Max 8 was involved in its second disaster in five months.

However the blue-chip Dow pared losses, and all three indexes ended Monday higher boosted by a tech-led rally.

The S&P 500 index rose 24 points, or 0.9 per cent, to 2,815.

The Dow Jones Industrial Average rose 200 points, or 0.8 per cent, to 25,650.

After consolidating near the opening, the Dow Jones Industrial Average rebounded on the back of a 3.47 percent gain in Apple shares.

Major League Baseball announces rule changes involving pitcher usage, roster limits, inning breaks
For local broadcasts, the inning break will be cut by 5 seconds, while breaks in national games will be trimmed by 25 seconds. The amount of players on an MLB Active Roster from Opening Day to August 31st and the postseason will increase from 25 to 26.

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.

Last-minute tweaks to Britain's divorce deal lifted stocks worldwide, but the gains soon petered out after Britain's Attorney General Geoffrey Cox said a revised deal with the European Union did not give Britain legal means of exiting the so-called backstop arrangement unilaterally if "intractable differences" arose. Kelley also increased his price target to $215 per share up from $172.

Airline stocks took a hit with the Dow Jones airlines index dropping 1.43 percent. Analyst Mark Kelley, in a note to clients, noted that customers were focusing on messaging and Facebook's stories format. Kelley also hiked his price target to $215 per share from $172.

Chipmaker Nvidia Corp jumped after entering a $6.8 billion deal to buy Mellanox Technologies Ltd. The Nasdaq rose 32 points, or 0.4 percent, to 7,591. Stocks were helped by a US government report showing retail sales rose slightly in January.

Markets earlier shrugged off data which showed US retail sales unexpectedly rose in January, lifted by an increase in purchases of building materials and discretionary spending, but receipts in December were much weaker than initially thought.

Average hourly earnings adjusted for consumer prices rose 1.9% in February from a downwardly revised 1.6% previously, the BLS reported.

Further details revealed the drop in December was the biggest since September 2009 when the economy was emerging from recession. 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.

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