U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.’s woes after the second deadly crash in about six months involving the company’s 737 Max 8 aircraft.
How did major indexes fare?
The Dow Jones Industrial Average DJIA, +0.79% rose 200.64 points, or 0.8%, to 25,650.88. The blue-chip index had fallen more than 200 points earlier in the session.
The S&P 500 SPX, +1.47% gained 40.23 points, or 1.5%, to 2,783.30, with the information technology sector up 2.2%. The Nasdaq Composite Index COMP, +2.02% climbed 149.92 points, or 2%, to 7,558.06, logging its best day on a percentage basis since Jan. 30.
What drove the market?
Shares of Boeing BA, -5.33% had their worst day in nearly five months, falling 5.3%, after one of the company’s 737 Max 8 planes operated by Ethiopian Airlines crashed shortly after takeoff from Ethiopia’s capital, Addis Ababa, on Sunday, leaving no survivors among the 157 on board. At session lows, the Dow’s most heavily weighted company‘s stock was down more than 13%, subtracting 152.77 points from the Dow on the day.
It comes months after a crash of the same model plane flown by Indonesia’s Lion Air, which went down into the Java Sea shortly after takeoff, killing 189 people. The plane maker released a statement expressing sympathy for the families of the victims, and said it would be sending a technical team to assist in the crash investigation.
Investigators will be looking at the two crashes, which both took place as the aircraft were taking off. The pilot of the Ethiopian flight was reportedly trying to return to the airport after reporting technical problems, and the weather was clear. China has grounded all 96 of its 737 Max 8 planes,