Investing.com – S & P 500 closed higher Monday as gains in energy and consumer discretionary shares helped offset the fall in stock in Boeing and Facebook.
The increase 0.25%, it increased 0.38%, while it increased 0.34%.
Wall Street got the week into a modestly winning start driven by rising energy stocks as oil prices settled 1% higher after Saudi Arabia said it would need to expand oil supply cuts beyond June into the second half of 201
Rising Consumer discretionary stocks rose to gains in the wider market, led by Amazon.com (NASDAQ :), when the e-commerce giant's planned second headquarters in Northern Virginia won approval from local officials. An increase in shares in Caesars Entertainment (NASDAQ 🙂 also boosted consumer discretionaries in reporting the casino operator was in the early stages to explore a merger with Eldorado Resorts (NASDAQ :).
The communications services sector was an exception to General High Mood as Facebook (NASDAQ 🙂 fell 3.3% after a downgrade from Needham.
Needham cut his assessment on the social media giant from the purchase to doubt the financial implications of the company's pivot against privacy and encrypted messages. Concerns about increasing regulatory risk weighed on the shares. Concern: More regulation can hinder the company's ability to make money from its data.
The social media giant has seen the stock market its 22% so far this year from the hammering it took in 2018, but remains about 27% below 52 weeks high.
Boeing (NYSE 🙂 cut some of its early losses and deleted downward pressure on the industry, but aviation giant ended the day 1.8 percent lower as French accident researcher BEA said aircraft data recorder from Ethiopian Airlines 737 Max Black Box showed "clear similarities" between the deadly crash March 10 and a previous Boeing 737 Max crash in October.
The report of the French accident investigator arrived one day after the Wall Street Journal reported that federal prosecutors and the Department of Transportation are looking at the approval process for the Boeings 737 Max aircraft.
Meanwhile, Tech was run by higher by Apple (NASDAQ 🙂 after the company launched a new 10.5-inch iPad Air and an iPad mini with pencil support. Both iPads are expected to hit stores next week.
In other business news, the US fintech group Fidelity National Information Services (NYSE 🙂 decided to buy payment processor Worldpay (NYSE 🙂 for about $ 35 billion. Worldpay increased by 10% while Fidelity National Information Services dropped 0.70%.
On the geopolitical front, Britain's Prime Minister Theresa Mays hopes of having a third vote on her Brexit withdrawal agreement were beaten after House of Commons Speaker John Bercow said he was unlikely to allow a third "meaningful vote" in the coming days unless the EU accepts further changes.
Edwards Lifesciences (NYSE :), National Oilwell Varco (NYSE 🙂 and Advance Auto Parts (NYSE 🙂 was among the best S & P 500 winners of the session.
Boston Scientific (NYSE :), Becton Dickinson (NYSE 🙂 and Facebook NASDAQ 🙂 were among the worst S & P 500 players of the session.
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