ZCZC
BCN-20
US-STOCKS-MARKETS-CLOSE
US stocks push higher despite lackluster data
NEW YORK, March 27, 2019 (BSS/AFP) – Wall Street stocks shook off
lackluster housing and consumer data Tuesday to close higher, with energy and
pharmaceutical shares among the leaders.
The Dow Jones Industrial Average finished the session at 25,657.73, a gain
of 0.55 percent.
The broad-based S&P 500 and the tech-rich Nasdaq Composite Index each
gained a little over 0.7 percent, to settle at 2,818.46 and 7,691.52,
respectively.
Economic data on consumer confidence and home construction released early
in the day were weak, which briefly sent stock prices lower, but the trend
did not hold.
Karl Haeling of LBBW said investors had been reassured by reports in
recent days saying the growth fears are exaggerated, which may have prompted
investors to come off the sidelines to buy equities following a rout late
last week.
“It’s just a little bit of a calming down after the panic attack Friday,”
he said.
Apple fell slipped more than 1 percent after an International Trade
Commission judge ruled the company violated a patent held by chipmaker
Qualcomm and said recommended banning imports of some iPhone models. Qualcomm
jumped 2.4 percent.
Biogen rose nearly 6 percent after announcing a $5 billion share buyback.
Carnival sank 8.7 percent on disappointment over the company’s forecast
for the upcoming quarter. The company said higher fuel prices and foreign
exchange pressures led to it lowering its full-year profit projection.
Bed Bath & Beyond surged 22 percent on reports that a group of activist
investors are mobilizing to try to replace the company’s 12-person board.
BSS/AFP/HR/1005