Tuesday's early afternoon trade: Stocks up after tame inflation supports patient Fed

US stocks rose on Tuesday after tame inflation data supported the Federal Reserve's dovish stance on future rate hikes, but Boeing's fall for a second straight day in a row pressured the Dow. The Labour Department said its Consumer Price Index (CPI) rose 0.2 percent last month, in line with estimates, and in the 12 months through February the CPI rose 1.5 percent, the smallest gain since September 2016.
"The takeaway from the data was that inflation is in check and that would allow the Fed to remain patient and that is always good for equities," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance in Charlotte, North Carolina.
Boeing Co slumped 6.4 percent extending Monday's losses, as more countries grounded the company's best selling line of jets following a second fatal crash in five months, while Senators Mitt Romney and Elizabeth Warren also urged the Federal Aviation Administration to temporarily ground the aircraft.
Airline stocks took a hit with the Dow Jones airlines index dropping 1.43 percent. The broader industrial sector was down 0.77 percent and the only major S&P sector in the red.
The world's largest planemaker fell as much as 13.4 percent on Monday and weighed on the Dow Jones index although it pared losses towards the end of the session. All three indexes ended higher boosted by an Apple Inc tech rally.
Apple climbed 1.6 percent on Tuesday and boosted markets, after the iPhone maker invited media to a March 25 event where it is expected to launch a television and video service.
At 12:31 p.m. ET the Dow Jones Industrial Average was down 74.29 points, or 0.29 percent, at 25,576.59, the S&P 500 was up 11.88 points, or 0.43 percent, at 2,795.18 and the Nasdaq Composite was up 49.37 points, or 0.65 percent, at 7,607.44.