Dow Holds Gains Despite Boeing Turbulence
President Trump said the U.S. will ground BA's 737 MAX 8 planes
The Dow was up more than 220 points at its session peak, with Wall Street's risk appetite fueled by some encouraging economic data. The Dow briefly pared the bulk of these gains after President Donald Trump said the U.S. will ground Boeing's (BA) 737 MAX 8 planes. However, the blue-chip index muscled back to a triple-digit gain by the close, after Britain's lawmakers voted down a no-deal Brexit. U.K. Parliament tomorrow will vote on requesting an extension to the March 29 deadline to leave the European Union.
Continue reading for more on today's market, including:
Is the VIX on the verge of a breakout?Why Jefferies says this biopharma is a "buy."Buyout buzz fueled heavy Take-Two Interactive call volume.Plus, beware of this blockchain name; 2 social media stocks flashing bear signals; and what sent Akari Therapeutics to the top of the Nasdaq.The Dow Jones Industrial Average (DJI - 25,702.89) gained 148.2 points, or 0.6%. UnitedHealth (UNH) outpaced 28 Dow advancers with its 2.6% pop, while Home Depot (HD) and Walt Disney (DIS) were the two decliners, shedding 0.8% and 0.6%, respectively.
The S&P 500 Index (SPX - 2,810.92) added 19.4 points, or 0.7%, for its highest close since November, while theNasdaq Composite (IXIC - 7,643.41) rose 52.4 points, or 0.7%, for its highest close since October. Both indexes brought their daily win streaks to three.
The Cboe Volatility Index (VIX - 13.41) shed 0.4 point, or 2.6%, for its lowest close since October.
5 Items on our Radar Today
Facebook users encountered a global outage today, with the social media company's WhatsApp and Instagram services also reporting issues. In a tweet, the company said they were aware of the problems, and "working to resolve the issue as soon as possible." (CNBC)Fiat Chrysler said it will recall 862,000 cars in the U.S., after the Environmental Protection Agency (EPA) said the vehicles don't meet emissions standards. The recall runs a range of vehicles, including the Dodge Journey and Jeep Compass, and will require the catalytic converter to be replaced. (USA Today)Pre-earnings warning signs are flashing on this blockchain name.2 social media stocks sounding bearish technical alarms.The news that sent Akari Therapeutics to the top of the Nasdaq.
Data courtesy of Trade-Alert
Inventories Update Fuels Oil Gains
Oil closed at its highest perch since Nov. 12, after the Energy Information Administration (EIA) said U.S. crude inventories unexpectedly fell last week. April-dated crude jumped $1.39, or 2.4%, to settle at $58.26 per barrel.
Gold gained as the U.S. dollar dropped on Brexit uncertainty. Gold for April delivery added $11.20, or 0.9%, to close at $1,309.30 an ounce.