- The Dow Jones Industrial Average DJIA, +0.58% climbed 148.23 points, or 0.6%, to 25,702.89.
- The S&P 500 index SPX, +0.69% added 19.40 points, or 0.7%, to end at 2,810.92, its highest close since Nov. 7.
- The Nasdaq Composite Index COMP, +0.69% advanced 52.37 points, or 0.7%, at 7,643.41.
Wall Street was in the green and the Dow ended higher as Boeing snaps 7-session skid, while Trump grounded 737 Max jets. Markets remained concerned about the safety of its cutting edge 737 Max 8 following the second deadly crash involving the model in Ethiopia over the weekend.
US data mixed
As for data, US data remained mixed. Analysts at ANZ Bank explained the outcomes: “January’s construction data came in better than expected and rose 1.3% m/m (up from a 0.8% decline in the month prior). Durable goods orders rose 0.4% m/m (but were down from 1.3% in the month prior). That said, February’s PPI data undershot expectations with the headline rate easing to 1.9% y/y (from 2.0% last month) with the core measure at 2.3% y/y. There is no evidence of a pick-up in inflation pressures and the Fed’s hope that the steepening in the Philips curve will translate into higher inflation looks increasingly isolated.”
DJIA levels
The DJIA was unable to maintain momentum to the upside and fell away from the 78.6% Fibo target located at 25840. There is also the confluence of the rising trend-line support area that had been broken late Feb and the 5th March highs. On the flipside, a key downside target at the 61.8% Fibo level positioned beneath the 25000 psychological level at 24847 is back on the cards at this juncture and bears will target the 38.2% Fibo at 24500 and then the 50% Fibo just below the psychological 24000 level.
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