Stocks mostly higher ahead of Fed meeting, but Boeing is dragging on the Dow
U.S. stocks traded mostly higher Monday, as investors looked ahead to this week’s meeting of Federal Reserve policy makers, while losses for aircraft maker Boeing again dragged on the Dow Jones Industrial Average after The Wall Street Journal reported federal prosecutors and Transportation Department officials are probing the development of the company’s 737 MAX jetliners.
The S&P and Nasdaq posted their highest settlements since Oct. 9, while the Dow ended at its highest level since March 1. Investors continue to keep an eye on U.S.-China trade talks. A proposed summit between President Donald Trump and China’s Xi Jinping to end the trade battle between the two countries may be pushed back to June, the South China Morning Post reported over the weekend. The proposed meeting had been originally targeted for March, then pushed back to April amid slow-moving trade talks.
Dermira Inc. DERM, +97.95% stock rose more than 100%, after the biotech firm reported positive results in a mid-stage trial of a treatment for moderate-to-severe atopic dermatitis. In deal news, Fidelity National Information Services Inc. FIS, -1.86% said Monday it would buy e-commerce and payments group Worldpay Inc. WP, +8.50% WPY, +9.97% in a cash-and-stock deal that values Worldpay at $43 billion. Shares of Fidelity National Information Services were up 2%, while Worldpay shares rose 12.3%.
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