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13-Mar2019

US markets end mostly in green on Tuesday

The US markets ended mostly higher on Tuesday on reports that indicated progress on a Sino-American trade deal, with China and the US reportedly close to a deal on currencies-an element in their broader trade dispute. Some support also came in after reporting no change in consumer prices over the past few months. The Labor Department released a report showing a modest increase in US consumer prices in the month of February. The report said the consumer price index rose by 0.2% in February after coming in unchanged for three straight months. The uptick in consumer prices matched street estimates. The increase in consumer prices was partly due to a rebound in gasoline prices, which surged up by 1.5% in February after plunging by 5.5% in January. The jump in gasoline prices contributed to a 0.4% rebound in energy prices, which matched the increase in food prices. Excluding food and energy prices, core consumer prices inched up by 0.1% in February after rising by 0.2% in January. Street had expected another 0.2% increase in prices. The uptick in core prices reflected a continued increase in prices for shelter as well as higher prices for personal care, apparel, and education.

However, the Dow Jones Industrial Average closed lower as shares of Boeing Company came under heavy pressure following a fatal crash over the weekend of a 737 Max aircraft. The continued drop by Boeing came after the European Union, China, the UK and other countries grounded the company's 737 MAX jets following the second crash in less than 6 months. The markets shrugged off the UK Parliament's rejection of Prime Minister Theresa May's Brexit deal, in part, as the outcome had been anticipated. Lawmakers will now have to decide whether they want a Brexit without a deal or possibly extend the March 29 deadline for leaving the European Union.

S&P 500 gained 8.22 points or 0.30 percent to 2791.52 and Nasdaq was up by 32.97 points or 0.44 percent to 7591.03, while Dow Jones Industrial Average declined 96.22 points or 0.38 percent to 25554.66. 


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