The major domestic equity indexes were sharply higher on Monday, n Monday as the technology sector led a broad-based rebound following five straight sessions of losses, but a fall in Boeing’s shares limited the Dow’s advance after a deadly airline crash in Ethiopia.

Boeing Co, the world’s largest aircraft manufacturer and best-performing Dow component this year by a wide margin, ended down 5.3 percent at $400.01, registering its largest one-day percentage drop since Oct. 29, after many airlines grounded the company’s new 737 MAX 8 passenger jet following the second fatal crash involving the aircraft in just five months.

The stock had its highest daily trading volume since July 2013 and ended well off its session low of $365.55, but it kept a lid on the Dow, which managed only about half the gains of the S&P 500.

All the major S&P sectors rose, led by gains in the technology sector, which was up 2.2 percent. The industrial sector reversed early losses to end up 0.9 percent.

Nvidia rose after entering a $6.8 billion deal to buy Mellanox Technologies Ltd. The Israeli chip designer saw it share price rise also.

Approximately 7.1 billion shares changed hands on the major domestic equity exchanges, as compared to the 7.4 billion share daily average for the past 20 trading days.

Retail Sales Show a Rebound

Retail sales rose modestly in January after a December drop that was even larger than originally estimated, but the recovery was not seen strong enough to alter the course of the economy, which has been losing momentum since early 2019.

According to a report released Monday morning by the Commerce Department, the report from the Commerce Department on Monday was welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February. Still, January’s increase in retail sales recouped only a fraction of December’s decline, leaving expectations for a slowdown in consumer spending in the first quarter intact.

Retail sales rose 0.2 percent as increased purchases of building materials and more discretionary spending offset the biggest decline in motor vehicle sales in five years. Data for December was revised to show sales tumbling 1.6 percent instead of decreasing 1.2 percent as previously reported.

The decline in December was the largest since September 2009 when the economy was emerging from recession. Sales in January increased 2.3 percent from a year ago.

The January retail sales report was delayed by the federal government shutdown. February’s retail sales report, which was scheduled for publication on Thursday, will be released on April 1.

Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.1 percent in January after a downwardly revised 2.3 percent plunge in December, the largest drop since 2000. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

They were previously reported to have decreased 1.7 percent in December. Consumer spending accounts for more than two-thirds of all domestic economic activity.

Coming on the heels of a deterioration in the trade deficit in December and weak construction spending, the downward revision to the core retail sales suggested gross domestic product growth slowed more than the government initially estimated in the fourth quarter.

The government reported last month that the economy grew at a 2.6 percent annualized rate in the October-December quarter after expanding at a brisk 3.4 percent in the third quarter.

The weaker December core retail sales also set consumer spending on a weaker growth path in the first three months of the year, leading the Atlanta Federal Reserve to cut its January-March quarter GDP growth forecast by three-tenths of percentage point to a 0.2 percent rate.

Consumer spending, which increased at a 2.8 percent rate in the fourth quarter, is seen rising modestly in the first three months of the year as the stimulus from a $1.5 trillion tax cut package fades. In addition, 2018 tax refunds have on average been smaller than in the previous years.

However, spending remains supported by strong wage growth and higher consumer confidence. The government reported on Friday annual wage growth increased 3.4 percent in February, the biggest gain since April 2009, from 3.1 percent in January.

Slowing economic growth supports the Federal Reserve’s “patient” approach toward further interest rate hikes this year.

Fed Chairman Jerome Powell reiterated the U.S. central bank’s stance on Sunday in a wide-ranging interview with CBS’s 60 Minutes news show. Powell said the Fed did “not feel any hurry” to change the level of interest rates again.

In January, online and mail-order retail sales increased 2.6 percent, the biggest gain since December 2017. Sales at building material stores increased 3.3 percent, the most since September 2017. Yet receipts at auto dealerships tumbled 2.4 percent in January, the largest drop since January 2014, after gaining 0.3 percent in the prior month.

Receipts at service stations fell 2.0 percent reflecting cheaper gasoline prices. There were also declines in sales at clothing and furniture stores, as well as electronics and appliance shops.

Discretionary spending rose in January, with sales at restaurants and bars advancing 0.7 percent and purchases at hobby, musical instrument and book stores jumping 4.8 percent, the largest increase since January 2013. Sales at food and beverage stores gained by the most since April 2016.