This week in the markets
- S&P 500 hit a four-month high on Wednesday, possibly due to investors’ continued optimism about the US economy. Hip hip hooray!
- The Federal Aviation Administration (FAA) grounded all of Boeing’s 737 MAX 8 and 9 aircrafts after two devastating plane crashes. Boeing stock fell 11% over Monday and Tuesday.
- Adidas stock dropped 3% on announcements that it would have trouble keeping up with high demand within the North American market.
The S&P 500 hit a four-month high
The S&P 500 was up 12% to a four-month high on Wednesday, possibly due to optimism about the US economy and the Federal Reserve’s cautious approach to interest rates. Many analysts expect the stock market to continue to rise, even as economic growth abroad slows.
At Thursday’s close, the S&P 500 was slightly lower at 0.087%, the Dow Jones Industrial Average (DJIA) was up 0.027%, and the Nasdaq fell 0.16%. However, all three major market indexes were in the green for the week. ?
Boeing stock drops after a second tragic plane crash
Boeing’s stock price fell 11% over Monday and Tuesday after news of a second fatal crash involving a Boeing aircraft. The first crash was an Indonesian flight in October 2018, and the second was an Ethiopian flight on Sunday, March 10. The Federal Aviation Administration (FAA) grounded all of Boeing’s 737 MAX 8 and 9 aircrafts on Wednesday, following the two devastating plane crashes that killed nearly 350 people. A total of 50 other countries, including Mexico, Panama, and Thailand, had previously suspended or banned the planes inside their airspace.
Adidas can’t meet demand, causing a 3% drop
Adidas announced that it expects supply chain issues in the first half of 2019, which caused a 3% drop in its stock price. The announcement may curb sales growth, particularly in the North American market, where Adidas has doubled its business in the last three years by teaming up with celebrities like Kanye West and Pharrell Williams and focusing on retro styles. Too much of a good thing may be hurting this hip brand.
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