Wall Street snaps five-day losing streak

Credit: Reuters Studio
Published on March 11, 2019 - Duration: 01:15s

Wall Street snaps five-day losing streak

U.S. stocks jumped on Monday as the technology sector led a broad-based rebound.

But the Dow's gain was limited by a fall in Boeing shares following a fatal airline crash in Ethiopia.

Fred Katayama reports.

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Wall Street snaps five-day losing streak

A rally in tech and materials stocks powered Wall STreet higher Monday.

The three major indexes snapped their five-session losing streak.

But a plunge in Boeing shares capped the Dow's gains.

Pictet Asset Management chief strategist Luca Paolini says an unexpected rise in retail sales in January also spurred buying.

SOUNDBITE: PICTET ASSET MANAGEMENT CHIEF STRATEGIST, LUCA PAOLINI (ENGLISH) SAYING: "It's probably a reaction from last week.

I think we have seen also some relatively reassuring numbers from retail sales.

You know, there are a lot of concerns about U.S. growth and I personally believe that U.S. growth will remain relatively weak but is not as bad as some investors may actually think." This year's best performing Dow member was its worst performer today.

Boeing tumbled.

Some airlines grounded the plane maker's narrowbody 737 MAX 8 passenger jets after a second fatal crash in just five months.

LIfting the S&P: shares of Apple.

Bank of America Merrill Lynch upgraded the iPhone maker to "buy" from "neutral".

Other big tech names like Microsoft, Amazon and Facebook also rallied.

So did shares of Mellanox.

Nvidia knocked out Intel in bidding for the Israel chip designer, Mellanox Technologies.

It'll pay nearly $7 billion in cash.

Nvidia and Intel also rose.

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