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US-STOCKS-MARKETS
US stocks fall as market grapples with growth fears
NEW YORK, March 28, 2019 (BSS/AFP) – Wall Street stocks declined Wednesday
following a choppy session as the market grappled with lingering worries over
the economic growth outlook.
The Dow Jones Industrial Average dipped 0.1 percent to finish at
25,625.59, about 200 points above its session lows earlier in the day.
But the other major indexes saw bigger declines: The broad-based S&P 500
shed 0.5 percent ending at 2,805.37, while the tech-rich Nasdaq Composite
Index fell 0.6 percent to 7,643.38.
Investors have been weighing how seriously to view a big drop in 10-year
US Treasury bond yields in recent session, traditionally a sign of medium-
and long-term economic weakness.
The yield on the 10-year US Treasury note on Wednesday fell to its lowest
level since December 2017.
“Buyers showed up during the second part of the session,” said Adam Sarhan
of 50 Park Investment, who considers the market’s jitters over bond yields
overblown.
But “if the bond market is right, then the stock market can go down
further,” Sarhan added.
Among individual companies, Boeing rose 1.0 percent as it unveiled
proposed changes to flight software on its 737 MAX aircraft, which have been
grounded following two deadly plane crashes in five months.
Boeing’s plan came as the head of the Federal Aviation Administration,
which must approve the fixes, faced tough questioning from Congress
concerning its certification of the planes.
Southwest Airlines, which has grounded all 34 of its Boeing 737 MAX 8
planes, said flight cancelations from that and other factors would result in
$150 million in lost revenues in the first quarter.
But shares of the predominantly domestic US carrier rose 2.2 percent after
the company said customer demand remained strong. Other carriers, including
United Continental and Delta Air Lines, also rose.
BSS/AFP/HR/0955