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MarketWatch MarketPulseApr 22, 2019
S&P 500, Nasdaq end higher as oil soars but Dow weighed by Boeing's stock slump
Two of the three main stock market indexes on Monday finished in positive territory as the energy sector rallied on the back of a surge in oil prices, but the Dow lagged behind its peers, weighed by shares of Boeing Co. . The Dow Jones Industrial Average finished down 48 points, or 0.2%, at 26,511, with Boeing's stock serving as the biggest drag on the blue-chip gauge, following a report over the weekend from the New York Times that charged the aeronautics and defense company with shoddy production of its Dreamliner jets. Meanwhile, the S&P 500 index gained 0.1% to finish around 2,908, with a rally of more than 2% in crude-oil prices , helping to deliver a fillip to the energy sector , which climbed 2.1% on the day. The U.S.'s announcement that it would end waivers for countries importing oil from Iran helped to drive crude values sharply higher. Meanwhile, the Nasdaq Composite Index advanced 0.2% at 8,015, putting the index about 1.2% short of its Aug. 29 all-time closing high. The S&P 500 is less than 1% short of its Sept. 20 closing record. Trading on Monday was somewhat subdued, coming after markets were closed at the end of last week in observance of Good Friday. Some European markets were closed in observance of Easter Monday. Investors are focused on a barrage of earnings coming from key companies, including Amazon.com Inc. , Facebook Inc. , Microsoft Corp. , and others, as Wall Street watches for results from American corporations in order to find a catalyst to take stocks higher.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseApr 22, 2019
Luckin Coffee, a Starbucks competitor in China, files for U.S. IPO
Luckin Coffee Inc., a China-based coffee chain, has filed for a U.S. IPO. Luckin is the second-largest coffee brand in that country, according to the filing, with 2,370 company-owned stores. The company is focused on "pick-up" locations, which have limited seating but are located in high-traffic areas like office buildings and college campuses. Nearly all of the company's stores (91.3%) were pick-up locations as of March 31,2019. "We leverage big data analytics and AI to analyze our customer behavior and transaction data, which enables us to continuously enhance our products and services, implement dynamic pricing and improve customer retention," the company says. Starbucks Coffee Corp. has high hopes for its China expansion, with Luckin Coffee serving as one of its biggest challenges in the region. Luckin, which had total revenue of $125.3 million in 2018, plans to trade on the Nasdaq with the symbol "LK." Starbucks, which is scheduled to report fiscal second-quarter earnings on Thursday, had $24.7 billion in global sales last year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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