Dow stocks rise as Apple and Facebook gains offset decline in Boeing. On Monday, Dow Jones Industrial Average rallies 200 points higher at 25,650.88.
The S&P 500 advanced 1.47 percent to close at 2,783.30, with growth of 2.17 percent in the tech sector. The Nasdaq Composite gained 2.02 percent to end the day at 7,558.06.
At other side, on Sunday, Boeing saw 5.3 percent drop following a plane crash of its 737 MAX 8 jet. This is a second deadly crash of the same model in less than six months.
Shares of Apple jumped 3.47 percent after Bank of America Merrill Lynch upgrades shares to buy from neutral. The firm also increased price target from $180 to to $210 per share.
Nvidia saw growth of more than 6.97 percent and Mellanox rose 7.78 percent. In addition, Nvidia’s announcement of purchasing Mellanox Technologies for $6.8 billion boosted tech shares.
“The most recent economic data fits with our 2019 outlook that suggests economic growth is likely to slow this year but recession prospects remain very low,” said chief investment strategist of Baird, Bruce Bittles.
Overall data showed the largest economy of the world make 20,000 jobs available last month. According to a report, it was the lowest month of jobs addition since September 2017. In addition, Chinese exports drop 20.7 percent from a year ago.
He continues, “As a result, the current weakness in the equity markets should be viewed within the confines of a consolidation phase.”