U.S. stocks eked out gains on Tuesday as benign February inflation data supported the Federal Reserve’s dovish stance on future rate hikes, but Boeing’s fall for a second straight session pressured the Dow and capped gains in broader markets.
Boeing Co’s fall in stock market value this week soared past $20 billion on Tuesday as more countries including the United Kingdom grounded the planemaker’s 737 MAX 8 aircraft following Sunday’s deadly crash in Ethiopia.
The United Arab Emirates’ civil aviation regulator said on Tuesday it had joined the investigation into Sunday’s fatal crash of an Ethiopian Airlines plane.
Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said on Tuesday.
The S&P 500 and Nasdaq eked out gains at open on Tuesday as February’s benign inflation data supported the Federal Reserve’s “patient” approach towards further rate hikes, while a second day of losses in Boeing pressured the Dow.
Germany’s Verdi labor union on Tuesday objected strongly to a possible merger between Deutsche Bank and Commerzbank, arguing that the merged group would be a more attractive target for a hostile foreign takeover.
Boeing Co’s shares fell more than 3 percent on Tuesday as more countries grounded the planemaker’s 737 MAX 8 aircraft amid heightened anxiety among travelers about the safety of the plane.
S&P and Nasdaq futures moved higher on Monday after a Labor Department report showed U.S. consumer prices rose for the first time in four months in February, but Boeing’s drop for the second day weighed on the Dow futures.
WASHINGTON, March 12 – U.S. consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years.
A rally across global stocks and sterling triggered by last-minute tweaks to Britain’s deal to exit the European Union evaporated on Tuesday as comments from the government’s top lawyer raised fresh doubts the new terms won’t sway lawmakers.
Nissan Motor Co’s premium brand Infiniti said on Friday it will exit western Europe early next year, as it restructures its global operations and turns its attention to sales in the world’s top two auto markets.
Oman on Tuesday stopped Boeing Co 737 MAX aircraft from flying to or from the Sultanate, following a fatal crash involving the U.S. planemaker’s latest model in Ethiopia.
(Corrects flight number to ET 302 in first paragraph of this March 11 story.)
Honda Motor Co said on Tuesday it would recall about 1.1 million Honda and Acura vehicles in the United States to replace defective Takata airbags on the driver’s side.
Singapore and Australia became the latest nations to suspend Boeing 737 MAX aircraft on Tuesday, while identification of the Ethiopian Airlines crash’s 157 victims dragged and black box recorders were yet to yield the cause.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
