S&P, Nasdaq rise for third straight day

Credit: Reuters Studio
Published on March 13, 2019 - Duration: 00:58s

S&P, Nasdaq rise for third straight day

The S&P 500 and Nasdaq extended their winning streak into a third day Wednesday, rallying on benign inflation data.

Fred Katayama reports.

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S&P, Nasdaq rise for third straight day

Benign inflation data propelled stocks north Wednesday.

The S&P 500 hit a five-month high, bursting above the key level of 2800 closely watched by technical analysts.

The markets and Boeing shares shrugged off President Donald Trump's order to ground the plane maker's 737 MAX jets.

Gerber Kawasaki CEO, Ross Gerber.

SOUNDBITE: GERBER KAWASAKI CEO, ROSS GERBER, (ENGLISH) SAYING: "I mean, there's no inflation, so there's no reason to raise rates.

And low rates mean better stock prices and a better economy." Producer prices -which measures inflation at the wholesale level - barely rose in the U.S. in February.

That supports the Federal Reserve's dovish approach to raising interest rates.

Also providing support to the broader markets: tech stocks like Microsoft, Nvidia and Apple.

Apple rose even though music streaming rival Spotify filed an antitrust complaint in Europe against the iPhone maker.

CVS Health shares shot higher after Bernstein launched coverage of the drug store operator with an "outperform" rating.

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