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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