- U.S. equities rally to new all-time highs on Monday, with the Dow adding as much as 126 points.
- Boeing, the Dow’s largest component, rallied as much as 3.8%.
- Lackluster reports from the Commerce Department cast a shadow over the U.S. 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 500, Nasdaq Follow
All of Wall Street’s major indexes topped their previous highs at the start of the week, reflecting an upbeat session for Dow Jones futures. The blue-chip Dow 30 index rallied by as much as 126 points before paring gains later in the session. It was last up 109.00 points, or 0.4%, at 28,564.09.
The broad S&P 500 Index of large-cap stocks gained 0.1% to 3,225.28. Five of 11 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 8,950..26.
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 that CEO Dennis Muilenburg will be stepping down immediately.
Muilenburg’s resignation came less than two weeks after the Federal Aviation Administration (FAA) conceded that its officials knew about the MAX 737 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 737 aircraft plunged from the sky over a five-month period, killing 346 people.