NEW YORK: US stocks ended sharply higher on Tuesday (March 12), with the S&P 500 registering a record high close as Oracle shares surged and consumer ...
Boeing's 737 MAX-9 is pictured under construction at their production facility in Renton, Washington. Shares of Boeing fell 4.3% on Tuesday. – ReuterspicUS stocks ended sharply higher on Tuesday , with the S&P 500 registering a record high close as Oracle shares surged and consumer price data failed to dampen investors’ hopes of interest rate cuts in the coming months.
Shares of Oracle jumped 11.7% and reached a record high, a day after it reported upbeat quarterly results and said it is set to make a joint announcement with artificial intelligence chip giant Nvidia. The Labor Department reported that the Consumer Price Index rose 0.4% last month after climbing 0.3% in January. Excluding volatile food and energy components, consumer prices increased 0.4% in February after rising by the same margin in January.
“If you look at economic data, it continues to be pretty strong,” Pursche added. “And from my perspective as a consumer, employee and investor, I’d rather have a strong economy and slightly elevated interest rates than a weak economy that requires stimulus.”On the downside, shares of Boeing fell 4.3%. Boeing told employees in a memo on Tuesday it is adding weekly compliance checks for every 737 factory work area and additional audits of equipment to reduce quality problems.
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