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S&P, Nasdaq rise on tame inflation data

Credit: Reuters Studio
Published 1 week ago - Duration: 01:28s

S&P, Nasdaq rise on tame inflation data

The S&P 500 and the Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on interest rate hikes.

But as Fred Katayama reports, the Dow ended lower as Boeing's shares sank for a second day.

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S&P, Nasdaq rise on tame inflation data

Investors welcomed benign data on inflation, driving the S&P 500 and Nasdaq higher on Wall Street Tuesday.

But UK lawmakers' rejection of the prime minister's Brexit deal pared their gains, and a further drop in Boeing shares pressured the Dow and capped the S&P 500's gains.

William O'Neil & Co.

Chief investment strategist, Randy Watts.

SOUNDBITE: WILLIAM O'NEIL & CO.

CHIEF INVESTMENT STRATEGIST, RANDY WATTS (ENGLISH) SAYING: "Q1 (First quarter) earnings for the S&P 500 are estimated to be down 3 percent.

It'll be the first down quarter since Q2 of 2016.

But investors believe that's going to be the low point of earnings growth for the market this year, and also really for the economy.

And after that, we're going to see growth resume later in the year.

And I think that's causing people to want to buy stocks." Consumer prices in the U.S. rose for the first time in four months in February, but it was the smallest annual gain in nearly 2-1/2 years.

That supports the Federal Reserve's dovish stance.

Apple shares provided the biggest boost to the S&P and Nasdaq.

The iPhone maker invited media to a March 25th event.

Sources say it'll likely launch a streaming TV service.

Boeing shares extended Monday's descent.

Britain joined the growing list of countries that have grounded the aerospace company's best selling 737 MAX 8 jets after the fatal crash in Ethiopia.

Boeing's drop also yanked down airline stocks.

Coca-Cola shares lost some fizz.

HSBC cut the soda maker's rating to "hold" from "buy" and lowered its price target.

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