Boeing stock plunges after Ethiopia crash, sending Dow lower

Boeing Shares Plunge After Ethiopian Airlines Crash

Overnight, gains in tech stocks drove benchmark S&P 500 to its biggest daily gain since January.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent from 2.64 percent late Monday.

Tumbling shares in USA aviation giant Boeing on Monday tore a hole in the Dow Jones Industrial Average, sending the benchmark index into the red for a sixth day.

Stocks are moving slightly higher on Wall Street at midday as technology and health care stocks rise. The S&P 500 rose 8.22 points, or 0.3%, to finish at 2,791.52 as health care and utilities stocks led gains, while the Nasdaq Composite Index rose 32.97 points, or 0.4%, to finish at 7,591.03.

The Dow lost 96 points, or 0.4 percent, to 25,554.

The Nasdaq is up 182.89 points, or 2.5 per cent.

Apple climbed 1.6 percent on Tuesday and boosted markets, after the iPhone maker invited media to a March 25 event where it is expected to launch a television and video service.

The modest gains Tuesday follow a rally on Monday that snapped a five-day losing streak.

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The FAA and Boeing stand by the airworthiness of the airplane. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

Aside from Boeing and engine-maker United Technologies (NYSE:), most other stocks were higher after data showed a solid rebound in in January. sales fell even more sharply than first thought in December, which is normally the most important month in the year. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, the US Labor Department said on Tuesday.

The Nasdaq is up 955.75 points, or 14.4 per cent.

The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.

Boeing Co ended down 6.1 percent and registered its biggest two-day drop since June 2009, as more countries grounded the company's best-selling 737 MAX planes following Sunday's crash, the second fatal crash involving the plane in months.

The S&P 500 index rose 6 points, or 0.2 percent, to 2,789.

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. A key sales figure fell 2.2 percent in the period, worse than what analysts were expecting.

Tilray gained 3.1 percent, while Canopy Growth added 1.4 percent.

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