Markets Right Now: Tech stocks lead rally; Boeing hits Dow
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A rally in the technology sector is pushing U.S. stocks to broad gains Monday, led by Apple and chipmakers.
The S&P 500 posted its biggest increase since late January. Nvidia was the index’s strongest performer after agreeing to buy chipmaker Mellanox. Apple benefited from an analyst upgrade.
The S&P 500 gained 40 points, or 1.5 percent, to 2,783. The Nasdaq, heavily weighted with tech stocks, jumped 149 points, or 2 percent, to 7,558.
The Dow Jones Industrial Average rose 200 points, or 0.8 percent, to 25,650. A sharp drop in Boeing shares restrained the Dow’s advance.
The upbeat start Monday follows the worst week of the year for the S&P 500. Stocks were helped by a U.S. government report showing retail sales rose slightly in January after falling in December.
Technology stocks are powering broad gains on Wall Street, although a drop in Boeing is weighing on the Dow Jones Industrial Average.
Apple is up 3.2 percent after an analyst upgraded the stock, while Nvidia is gaining 4.7 percent after announcing an acquisition.
Boeing fell 6.8 percent after a second deadly crash involving one of its new 737 Max planes.
The Boeing loss restrained gains in the Dow, which rose 79 points, or 0.3 percent, to 25,529. The S&P 500 rose 31 points, or 1.1 percent, to 2,774, while the Nasdaq jumped 116 points, or 1.6 percent, to 7.525.
The upbeat start Monday follows the worst week since January for the S&P 500. Stocks were helped by a U.S. government report showing retail sales rose slightly in January.
Stocks are opening broadly higher on Wall Street, although a sharp drop in Boeing is pushing the Dow Jones Industrial Average lower.
Boeing fell 12 percent after the second deadly crash in six months involving one of its new 737 Max planes.
Otherwise, stocks were off to upbeat start Monday following the worst week since January for the S&P 500. Stocks were helped by a U.S. government report showing retail sales rose slightly in January.
Technology and bank stocks led the market gainers. Facebook rose 2.3 percent and Morgan Stanley rose 1.3 percent.
The S&P 500 rose 13.4 points, or 0.5 percent, to 2,756.
The Dow lost 164 points, or 0.7 percent, to 25,2872. The Nasdaq rose 55 points, or 0.7 percent, to 7,463.