Tech leads US stocks broadly higher Boeing drops

first_imgA broadly rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January.The latest gains also snapped a five-day losing streak for the benchmark index, which was coming off its worst weekly stumble this year.Nvidia was the S&P 500’s strongest performer after agreeing to buy chipmaker Mellanox. Apple benefited from an analyst upgrade. A sharp decline in Boeing stemmed the gain for the Dow Jones Industrial Average.Investors drew encouragement from a report showing a slight increase in U.S. retail sales for January after a steep decline in December, and from new data showing a rebound in Chinese exports this month, said Tom Martin, senior portfolio manager with Globalt Investments.“The data that’s coming in today is at the margin at least OK; there’s no negative news,” Martin said. “People want to be in the market. Rates are low. Stocks are OK.”The S&P 500 gained 40.23 points, or 1.5 percent, to 2,783.30. The Dow rose 200.64 points, or 0.8 percent, to 25,650.88. The average bounced back after declining 242 points as shares in Boeing slumped.last_img

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