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Markets Right Now: Stocks close higher on Wall Street

14 March 2019

The broader industrial sector was down 0.77 percent and the only major S&P sector in the red.

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.

Boeing lost another 6.2% today after multiple countries grounded the 737 MAX airplane.

Stocks are opening broadly higher on Wall Street, although a sharp drop in Boeing is pushing the Dow Jones Industrial Average lower.

At 12:31 p.m. ET the Dow Jones Industrial Average was down 74.29 points, or 0.29 percent, at 25,576.59, the S&P 500 was up 11.88 points, or 0.43 percent, at 2,795.18 and the Nasdaq Composite was up 49.37 points, or 0.65 percent, at 7,607.44. Up 8 points, the S&P ended at 2,792.

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The price of gold rose 7 cents to $1,291.10 an ounce, silver rose 14 cents to $15.41 an ounce and copper rose 3 cents to $2.93 a pound.

For this reason, the S&P 500 long ago became the dominant force in the market, which is why most folks can't name a single mutual fund or ETF that tracks the Dow. The rally in the communications giant and Dow component helped offset some of Boeing's losses. Stocks were helped by a USA government report showing retail sales rose slightly in January after falling in December.

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

Bond prices rose. The yield on the 10-year Treasury note fell to 2.60 percent.

United States stocks rose on Tuesday as benign February inflation data supported the Federal Reserve's dovish stance on future rate hikes, but Boeing's fall for a second straight session pressured the Dow. Stocks were helped by a USA government report showing retail sales rose slightly in January.

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Technology and bank stocks led the market gainers.

The Dow lost 164 points, or 0.7 per cent, to 25,2872.

The S&P 500 index rose 12 points, or 0.4 per cent, to 2,803. London's FTSE 100 was also flat, at 7,156, while the pound dropped a sharp 1 percent on expectations that the latest version of Britain's Brexit deal with the European Union will be voted down by lawmakers on Tuesday.

The Nasdaq composite, which is heavily weighted with technology stocks, climbed 32.97 points, or 0.4 percent, to 7,591.03.

The Russell 2000 is up 27.95 points, or 1.8 per cent.

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Markets Right Now: Stocks close higher on Wall Street