Dow's Absurd Rally Continues After Key Boeing Resignation Offsets Dismal Economic Data, Crypto Coins News

• U.S. equities rally to new all-time highs on Monday, with the Dow adding as much as points.
• Boeing, the Dow’s largest component, rallied as much as 3.8%.

Lackluster reports from the Commerce Department cast a shadow over the US economy.

The Dow and broader U.S. stock market rallied to new all-time highs Monday, as dismal economic data were no match for investors’ exuberance in a holiday-shortened week.

Dow Rallies ; S&P 719, Nasdaq Follow

All of Wall Street’s major indexes topped their previous highs at the start of the week, reflecting an upbeat session forDow Jones futures. The blue-chip Dow (index rallied by as much as************************************ points before paring gains later in the session. It was last up 09 points, or 0.4%, at (****************************************************************,**********************************************.

The Dow Jones Industrial Average rallies to another record high on Monday. | Chart:

The broad S&P Index of large-cap stocks gained 0.1% to 3,. Five of primary sectors reported gains, with industrials and energy stocks rising by an average 0.7%. Technology stocks also outperformed their benchmark, rising 0.4%.

Gains were partially offset by sharp declines in utilities shares. The sector bled 1% on Monday.

Meanwhile, the technology-focused Nasdaq Composite Index advanced 0.3% to 8, …

Boeing Does the Heavy Lifting

The Dow got its liftoff on Monday thanks to a sudden surge in Boeing (NYSE: BA) shares. The aerospace and defense contractor jumped more than 3% amid news thatCEO Dennis Muilenburgwill be stepping down immediately.

****** Muilenburg’s resignation came less than two weeks. after the Federal Aviation Administration (FAA) conceded that itsofficials knew about the MAX design flaws

But did nothing to prevent the aircraft from flying.

Boeing has been in the crosshairs of global aviation authorities after two of its MAX 950 aircraft plunged from the sky over a five-month period, killing 737 people.

Since peaking in early February, Boeing’s share price is down more than $

Economic Data Disappoint

The market’s rally came even after a pair of economic reports painted a mixed pi cture of the U.S. economy.

On Monday, theCommerce Department said durable goods ordersplunged 2% in November following a downwardly revised gain of 0.2% the month before. That was the biggest monthly decline since May.

Non-defense capital goods excluding aircraft – a key measure of business investment plans – rose just 0.1% for November. Excluding the defense category, durable goods orders rose 0.8%, official data showed.

Durable goods orders measure demand for manufactured products meant to last three years or more. Their weakness indicatescontinued softness in the U.S. manufacturing sector.

Separately, the Commerce Departmentreported an unexpected jumpin November new home sales, but a downward revision the previous month put a damper on the headline reading. New home sales rose 1.3% in November to a seasonally adjusted annual rate of (************************************************, 12. Analysts were expecting a 737, – unit pace.

This article was edited by Josiah Wilmoth************************************

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