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© Reuters. Traders work on the floor of the NYSE in New York
By Caroline Valetkevitch
NEW YORK (Reuters) – US stocks surged on Monday as the tech sector led to a general rebound after five consecutive losses, but a decline in Boeing shares limited the Dow Jones advance after an air crash. murderer in Ethiopia.
Boeing (NYSE 🙂 Co, the world's number one planner and Dow's best-performing component this year, dropped a staggering 5.3 percent to $ 400.01, recording its largest percentage decline in a day since October 29, after many airlines blocked the company. New 737 MAX 8 passenger jet aircraft following the second fatal accident involving the aircraft in just five months.
The stock had the highest daily trading volume since July 2013 and ended the session well at $ 365.55, but it helped the Dow not lose half its earnings.
All major S & P sectors advanced, led by the technology sector (+ 2.2%). The industrial sector canceled its initial losses to 0.9%.
"After the weakness of the markets last week, things went a bit too fast," said Michael James, general manager of equity trading at Wedbush Securities in Los Angeles.
"It was unbelievably impressive when we look at what we are doing today, even with the move to Boeing," he said, adding that the technology rally was "a sign of general enthusiasm for the actions and the your bullish tone that we have observed "since the beginning of the year, despite last week".
The index rose 200.64 points, or 0.79%, to $ 25,650.88, the S & P 500, from 40.23 points, or 1.47%, to 2,783.3% and 149.92 points, or 2.02%, at 7,558.06.
Last week 's S & P 500 index posted its largest decline since the end of 2018 after a timid job and other economic data, but the index is up from the previous year. about 11% for the year up to now.
Apple Inc. (NASDAQ 🙂 rose 3.5% after Bank of America Merrill Lynch (NYSE 🙂 upgraded the iPhone manufacturer's shares to "buy". Apple also invited the media to an event on March 25 at the Steve Jobs Theater, on its Cupertino, California campus.
Sources had previously told Reuters that Apple was targeting April for the launch of a streaming TV service that would likely include a subscription television service.
Chip maker Nvidia Corp has jumped after signing a $ 6.8 billion deal for the purchase of Mellanox Technologies Ltd. The Israeli chip designer has also increased.
In Washington, President Donald Trump has asked Congress to slash funding for foreign aid and the state department and increase spending on the military and the wall. He wants to build on the US-Mexican border in his 2020 budget, first decision in his next fight for funding. with the congress.
Defense companies General Dynamics Corp. (NYSE :), United Technologies Corp. (NYSE 🙂 and Textron Inc (NYSE 🙂 is on the news.
Increasing issues outnumbered falling ones on the NYSE with a ratio of 3.69 for one; on the Nasdaq, a ratio of 3.31 to 1 favored advances.
The S & P 500 recorded 31 new highs over 52 weeks and two new lows; Nasdaq Composite recorded 57 new highs and 34 new lows.
About 7.1 billion shares have changed hands on US stock exchanges. This compares with the daily average of 7.4 billion shares of the last 20 trading days.
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