Defense Stocks Up. Biden Urges Aid For Israel, Ukraine. What He Asked For.

President Joe Biden sent an urgent budget request to Congress on Friday for billions of dollars in military aid for Israel and Ukraine.

The proposed increase in spending spurred a rise in defense stocks. Shares of Lockheed Martin , Northrop Grumman , General Dynamics , and L3Harris Technologies were all higher, by about 0.6% on average, on a weak day for markets. The S&P 500 and Dow Jones Industrial Average were down about 0.8% and 0.4% as Treasury yields were on the rise.

That leaves the four down about 5% over the past year, trailing the S&P 500 by about 20 percentage points. Budget deficits and government shutdowns have weighed on investor sentiment, despite rising global tensions. U.S. defense spending is at almost $1 trillion annually, up about 20% over the past five years. Biden’s request amounts to about $90 billion in additional spending. In addition to Ukraine and Israel, there is money for humanitarian assistance, submarines, and Indo-Pacific security. There are also separate requests for border security amounting to almost $14 billion.

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