The markets were higher today as news out of Boeing helped support the Dow and a strong semiconductor sector helped along with financials. The Dow 30 closed the day higher by 138, the S&P 500 added 14, and the Nasdaq closed the day higher with 57.
Sector News
Oil remained above its recent breakout zone today as it was reported that Saudi Arabia plans to extend production cuts into April. The OPEC nation announced last month that they would cut production in March much more than was anticipated, which helped support prices. Just this week the price of oil has gained over 4%.
Semiconductors hit new highs on the year today thanks in part to earnings from Broadcom. Today's move in Semiconductors helped support the rally in the S&P 500 and puts the sector higher by more than 25% on the year.
Tech stocks also hit new highs on the year today, which marks the third time this week that it accomplished this. The tech sector is on record as the best-performing sector of the S&P, with gains of about 18%.
Stock News
Boeing (NYSE: BA) shares helped support the Dow today as the company announced they would be rolling out a software upgrade for the 737 Max series planes in 10 days. It was also revealed that a part recovered from the crash site of the most recent crash in Ethiopia was set in a position to pitch the nose lower, which was the reason the FAA ultimately made the decision to ground planes.
Facebook (NYSE: FB) shares sold off today as it was announced late yesterday that their Chief Product Officer and VP of WhatsApp would be leaving. Shares moved back to recent lows, losing about 2% on the day.
Adobe (NASDAQ: ADBE) shares moved lower today despite a beat on earnings of 9 cents. The company also saw revenue higher than expected, but the company was not so optimistic about the future, lowering their current quarter expectations. Shares are still higher by about 14% on the year.
Tesla (NASDAQ: TSLA) shares moved lower today as investors responded to the announcement of the new Model Y, an SUV that Tesla is saying will be priced in the $47,000 range. The company announced that they would start production in the fall of 2020. Investors still notice the steady, technical downtrend.