Stock Market News For Dec 24, 2019
Zacks Investment Research | Dec 23, 2019 08:19PM ET
Benchmarks closed in the green on Monday and the S&P 500 and the Nasdaq Composite closed at fresh record highs after investors spur on reports that China will reduce import tariffs on a basket of goods. On the other hand, the Dow got a boost as its top holding Boeing asked its president and CEO Dennis Muilenburg to resign.
The Dow Jones Industrial Average (DJI) rose 96.44 points or 0.3%, to close at 28,551.53 and the S&P 500 added 2.79 points or 0.1%, to close at of 3,224.01. While, the Nasdaq Composite Index closed at 8,945.65, after rising 20.69 points, or 0.2%. All the three major indexes posted record closes. The fear-gauge CBOE Volatility Index (VIX) increased 0.8% to close at 12.6. Advancing issues outnumbered declining ones for a 1.18-to-1 ratio on the NYSE and a 1-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
Gains for Wall Street’s major indices were buoyed by rise in the shares of Boeing (NYSE:BA) . Furthermore, China’s move to slash tariffs boosted the investors’ sentiments. Months of controversies surrounding Boeing’s 737 Max airliner and worldwide grounding of the same had weighed heavily on the Dow throughout the year. In fact, this Dow stalwart has risen only 4.2% so far this year compared to the blue chip index’s rise of 22.3%.
Per reports on Monday, Boeing’s president and CEO Dennis Muilenburg has been asked to vacate his post effective instantly and Chief Financial Officer Greg Smith will serve as interim. On Jan 13, the current Chairman David L. Calhoun will take up the post of president and CEO, of this giant planemaker.
Shares of Boeing, a Zacks Rank #3 (Hold) company, rose 2.9% on Monday. You can see Zacks Investment Research
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