US: Stocks gain on trade progress; Boeing tumbles

The broad-based S&P 500 gained 0.7 per cent to 3,006.72, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 8,162.99.Among companies reporting so far, 84 per cent of the S&P 500 have topped estimates for earnings per share, according to FactSet.

But gains in the Dow were limited by Boeing, which plunged for a second straight session, losing 3.8 per cent after the Federal Aviation Administration, criticised the aerospace giant for not providing it with key documents in the 737 Max for months after learning about them. Several analysts downgraded Boeing, including Baird, which said the revelations mean the"long road back just got harder" and that the company's plan for the Max to return in the fourth quarter"looks way more vulnerable."Large banks also advanced, with JPMorgan Chase, Bank of America and Citigroup all winning at least two per cent.

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US stocks edge higher despite big Boeing hit[NEW YORK] Wall Street stocks rose early Monday at the start of a heavy week of corporate earnings, although Boeing tumbled again on doubts over its handling of the 737 MAX crisis. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »