US stocks rose on Monday, March 17, despite a lower-than-expected increase in retail sales in February, which intensified concerns about the economy’s trajectory. The S&P 500 advanced 0.6%, while the Dow industrials climbed 0.9% and the Nasdaq ended 0.3% higher.
Intel shares surged 6.8% after the company named a new CEO who plans to purchase significant shares, gaining investor confidence. Enphase Energy, a solar equipment manufacturer, saw its stock rise 9.8% as it recovered from losses over the past week. AES Corp.’s electricity generation jumped 6.1%, driven by interest in providing power for data centers.
However, not all stocks fared well. Incyte’s shares dropped 8.6% after underwhelming results from a clinical trial of an experimental skin treatment. Discover Financial’s stock sank 6.9% following reports of US Department of Justice concerns about its planned merger with Capital One Financial.
Tesla’s shares declined 4.8% as Mizuho analysts cut their price target and reduced forecasts for the carmaker’s vehicle deliveries, citing weakening demand and issues with brand perception. The market is now looking ahead to a Federal Reserve policy meeting later this week, where central bankers are expected to maintain benchmark rates at current levels.
Source: https://www.investopedia.com/s-and-p-500-gains-and-losses-today-index-ticks-higher-ahead-of-this-weeks-fed-decision-11698250