The markets traded positively again today despite a full day of news over the grounding of Boeing Max 8 and 9 series planes. The Dow 30 traded wildly today but ultimately closed higher by 148. The S&P 500 added 19, poking above the important 2800 resistance area that has held prices back since last October. The Nasdaq fared the best thanks to FANG names with a gain of 52.
Sector News
Oil was higher today, breaking above the short-term resistance area seen around $58 per barrel thanks to the weekly inventory report which showed a decline of 3.9 million barrels here in the States.
Healthcare continued its bounce off the 200-day moving average today with its impressive rally so far this week. Just this week the sector is higher by about 3% and has less than 2% to go until hitting new highs on the year.
Technology stocks also had a good day today, hitting new yearly highs for the second time just this week. For the year it's been mostly straight up for the sector, adding about 16%. Apple has been a big help this week, making up almost 17% of the Technology Select Sector SPDR Fund (NYSE: XLK). Until this week, Apple has underperformed the sector, but it now seems to be reviving.
Stock News
Boeing (NYSE: BA) continued to dominate the headlines today as the lawmakers here in the US officially called for the FAA to ground the 737 Max jets. The American Airlines (NYSE: AA) flight attendant union also wrote a letter to the CEO asking for the same. The stock traded in a wild range as investors tried to figure out the timeline of this grounding.
Express (NASDAQ: EXPR) shares broke down to new lows today as the company reported a mixed quarter. The retailer beat on earnings but revenue came in less than expected thanks to a drop in sales that was more than forecasted. While analysts expected a decline in sales of 5.6% the company reported a 6% overall decline in store sales. The company said they face more short-term challenges.
Kraft Heinz (NYSE: KHC) shares were slightly higher today as the company announced they would consider the sale of their Breakstone brand, which is said to be worth nearly $400 million.