Tech stocks lead rally; Boeing hits Dow

The latest on developments in financial markets (all times local):

4:00 p.m.

___

A rally in the technology sector is pushing U.S. stocks to broad gains Monday, led by Apple and chipmakers.

Sign Up and Save

Get six months of free digital access to The Fresno Bee

#ReadLocal

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.

___

11:55 a.m.

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

Read More Here...

Bookmark the permalink.