NEW YORK - Banks and tech helped lead Wall Street higher on Monday, while Boeing and Facebook were a drag and investors eyed this week’s U.S. Federal Reserve meeting for affirmation of its commitment to “patient” monetary policy.
The Dow’s fourth straight advance ran into headwinds from Boeing Co, which fell 1.8 percent as the company faced increasing scrutiny following a fatal crash in Ethiopia on March 10. The drop in shares of the world’s largest plane maker extended last week’s 10.3 percent decline and was the heaviest weight on the blue-chip index.
The Dow Jones Industrial Average rose 65.23 points, or 0.25 percent, to 25,914.1, the S&P 500 gained 10.46 points, or 0.37 percent, to 2,832.94 and the Nasdaq Composite added 25.95 points, or 0.34 percent, to 7,714.48. “With markets close to all-time highs again, you see IPOs popping out of the woodwork,” Ghriskey said.Facebook shares were down 3.4 percent after the European Commission’s deputy head said “at some point, we will have to regulate” big tech and social media companies to protect citizens and a top-rated Needham analyst downgraded the stock to “hold” from “buy.”
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