Tech lead a market rally led by Apple, while Boeing pares losses

Technology stocks led Wall Street’s main indexes higher on Monday after five straight sessions of declines, but a fall in the shares of the world’s largest planemaker after a fatal crash in Ethiopia limited gains on the blue-chip Dow.

Boeing (NYSE:BA) Co, the best performing Dow component this year by a wide margin, slumped 7.4 percent after a second deadly crash in just five months.

The S&P 500 fell 2.2 percent last week, its biggest decline since 2018-end, as the tepid U.S. jobs growth report added to fears of a slowing global economy.

Still, the benchmark index is now about 6 percent away from its record high hit on Sept. 20.

All the major S&P sectors were trading higher, led by gains in the technology sector, which was up 2.01 percent. At least six S&P sectors rose more than 1 percent, while the defensive utilities and consumer staples sectors posted the slimmest gains.

Apple Inc (NASDAQ:AAPL) rose 3.3 percent and was the biggest boost to the all three indexes after Bank of America Merrill Lynch (NYSE:BAC) upgraded the iPhone maker’s shares to “buy”.

Recent economic data showed U.S. retail sales rose unexpectedly in January, a welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February.

 Trader Georgi Bozhidarov

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