The S&P and Nasdaq closed higher, though
The Dow crept into positive territory around 11 a.m. ET, but steady pressure from Boeing (BA) sent the blue-chip index back into the red by midday. BA stock has now shed more than 11% this week, with today's losses exacerbated by a rare "sell" rating and a global grounding of the company's 737 MAX 8 aircraft. The S&P 500 and Nasdaq, on the other hand, brought their daily win streaks to two -- though the former stopped just shy of the key 2,800 mark at its intraday peak -- as traders eyed tepid inflation data. However, another defeat for U.K. Prime Minister Theresa May's Brexit deal in parliament took some of the wind out of stocks' sails.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,554.66) spent most of the day in negative territory, eventually settling with a 96.2-point, or 0.4%, loss. Boeing (BA) paced the 11 Dow decliners with its 6.2% drop, while Apple (AAPL) and UnitedHealth (UNH) led the 19 advancers, gaining 1.1% apiece.
The S&P 500 Index (SPX - 2,791.52) gained 8.2 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,591.03) added 33 points, or 0.4%.
The Cboe Volatility Index (VIX - 13.77) shed 0.5 point, or 3.9%.
5 Items on our Radar Today
- Several U.S. lawmakers are making a bipartisan push to request the Federal Aviation Administration (FAA) ground Boeing's 737 MAX 8 planes in response to a pair of fatal crashes. One name on the list is Massachusetts Senator Elizabeth Warren, a Democratic presidential nominee who is also asking Congress to investigate whether the Trump administration has "put lives at risk" to "protect Boeing arms sales." (MarketWatch)
- A number of high-profile names popped up on a list of individuals charged in a $25 million college admissions cheating scheme. "Desperate Housewives" actress Felicity Huffman, "Full House" actress Lori Loughlin, and Hercules Capital (HTGC) CEO Manuel Henriquez were among those indicted, with allegations including bribing sports coaches and administrators to get wealthy students admitted to Ivy League schools like Yale and Stanford. (CNBC)
- Barclays downgraded these 2 grocery stocks to "underweight."
- The news that sent this drug stock to the bottom of the Nasdaq.
- Buyout buzz sank F5 Networks stock.
Data courtesy of Trade-Alert
Gold Gains as Dollar Retreats
Oil got a lift after the Energy Information Administration (EIA) lowered its U.S. oil output forecasts for this year and next, while hiking its 2019 West Texas Intermediate crude price outlook. By the close, oil for April delivery was up 8 cents, or 0.1%, at $56.87 per barrel.
Gold prices got a boost as the U.S. dollar dropped following a tame reading on inflation. April-dated gold added $7, or 0.5%, to settle at $1,298.10 an ounce.