NEW YORK: Wall Street held on to solid gains on Wednesday, rallying as British lawmakers ruled out a no-deal Brexit and President Donald Trump became among the last world leaders to ground Boeing’s 737 MAX aircraft.
Investors also were cheered by economic data showing the US manufacturing sector had a boost in January and wholesale inflation remained tame in February, reports AFP.Shares in Boeing bounced erratically after Trump’s decision to ground all of the top-selling 737 MAX aircraft, to which much of the world’s airspace is now closed.
But the stock price clambered back into the green for the day, rising 0.5 percent to $377.12, putting it up for the first time in three days but still down nearly 11 percent since before Sunday’s deadly crash in Ethiopia.
The Dow, where Boeing’s shares are heavily weighted, rose by triple digits, closing up 0.6 percent at 25,702.89.
Meanwhile, the broader S&P 500 and tech-heavy Nasdaq both gained 0.7 percent to close at new highs for 2019, settling at 2,810.92 and 7,643.41, respectively.
In Britain, lawmakers voted to reject a possible no-deal exit from the European Union, which is still due to occur in just over two weeks, after earlier this week rejecting the divorce deal negotiated by Prime Minister Theresa May.