Construction Spending Climbs 1.3% to Nine-Month High
Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, March 13. All major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. indexes rose today, with the Dow Jones Industrial Average up 0.6% and both the S&P 500 and NASDAQ gaining 0.7%. Investors were encouraged by news that U.S. durable goods orders rose 0.4% in January. More significantly, the Commerce Department also reported that construction spending gained 1.3% in January, its largest increase since April 2018—a reversal from December’s 0.8% decline. Meanwhile, the FAA grounded every Boeing MAX 8 and MAX 9 aircraft pending further investigation, and its stock closed up 0.5% after a seven-day losing streak.