Dow Turns Positive Thanks to Monster 4% Rally In Boeing (BA) Stock, Crypto Coins News

Dow Turns Positive Thanks to Monster 4% Rally In Boeing (BA) Stock, Crypto Coins News

  • The Dow Jones rose a measly 22 points on Monday as Boeing and Walgreen’s posted massive gains.
  • It was a generally weak day for the US stock market after negative headlines from Hong Kong and the Trump administration knocked risk sentiment.
  • Dow giant Goldman Sachs’ stock is under pressure due to its Apple Card being investigated by New York for discrimination.

The Dow Jones erased a sizeable chunk of its trade war-inspired losses on Monday, asBoeing (NYSE : BA) stock rallied 4%. BA is the most heavily weighted stock in the Dow and helped lift an otherwise struggling index as news broke that Boeing expected to resume 737 Max deliveries in December.

Boeing Powers Dow Jones Higher Despite Trade War Concerns

Boeing’s rally helped to make the Dow Jones the best performing index among the majors through a meager 0.3% gain. The S&P 500 and Nasdaq both dipped around 0.2% amid a mixed risk environment. Theprice of gold fell 0.3%despite the mixed performance in equities and a decline in theUS Dollar index (DXY).

The Dow Jones erased its daily losses after a positive report from Boeing on the 737 Max timeline sent BA stock soaring. | Chart: Yahoo Finance

Comments by one of Donald Trump’s top trade officials,Peter Navarro, dented the Dow after the economist resolutely denied that tariffs on China would be rolled back. In addition to these concerns,some of the worst unrest in Hong Kong since protests began further weighed upon hopes of thawing relations between the U.S. and China.

Further gravity was felt upon the Dow as the United Kingdom missed GDP estimates. While the Brexit-besieged nation avoided a recession, the negative outlook for both Britain and the Eurozone continues to be a significant drag on global growth prospects.

Dow 30 Stocks: Boeing and Walgreens Explode Higher

Boeing leads the Dow out of the abyss on Monday. | Image: REUTERS / Brendan McDermid / File Photo

Agenerally weak day for the Dow 30was turned on its head by a stunning rally in its most important stock, Boeing. While the aerospace giant hasfaced an unprecedented crisis this year after the grounding of its (Max aircraft, BA stock is still up roughly 12% in 2019.

The catalyst for Boeing’s huge gains wasa report released on the company’s website, where it revealed that the fleet is expected to fly sometime after January 2020 when pilot training is completed:

While the FAA and other regulatory authorities will determine the timing of certification and return to commercial service, Boeing continues to target FAA certification of the MAX flight control software updates during this quarter. Based on this schedule, it is possible that the resumption of MAX deliveries to airline customers could begin in December, after certification, when the FAA issues an Airworthiness Directive rescinding the grounding order. In parallel, we are working towards final validation of the updated training requirements, which must occur before the MAX returns to commercial service, and which we now expect to begin in January.

While Boeing stock was the biggest engine driving the Dow Jones, Walgreens Boots Alliance (NYSE: WBA) was the biggest gainer with a stunning 6.3% rally. This move came on the back of expectations thatKKR was planning what could be the largest leveraged buyout in US stock market history.

Goldman Sachs Apple Card Scandal Weighs On Stock Market

Goldman Sachs (NYSE: GS) was down 1.2% amida scandal over the algorithm used by its Apple card, as former Apple Steve Wozniak accused it of discriminating against women. The Dow giant is clearly taking this issue seriously, as it has already indicated thatit will make changes to avoid the aforementioned issues with the card’s credit rating system.

Making smaller moves, Apple (NASDAQ: AAPL) stock was 0.5% higher, while Disney (NYSE: DIS) posted a 1% loss.

This article was edited by Sam Bourgi.

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