Stock jumps on ousted CEO; propels Dow to record

Stock jumps on ousted CEO; propels Dow to record

U.S. stocks extended gains Monday at the start of a holiday-shortened week, with all three major averages notching records.

Shares of Dow component Boeing jumped 2.9% after the aerospace giant said CEO Dennis Muilenburg was stepping down immediately over the company’s troubled Max 737 aircraft. Boeing said David Calhoun, the board’s current chairman, will take over as CEO on Jan. 13.

Stocks, which have been trading at all-time highs over optimism on a “Phase 1” China trade deal, received a further boost on additional signs of easing geopolitical tensions. China said overnight that it planned to lower import tariffs beginning Jan. 1. on more than 850 products including frozen pork to some types of semiconductors. 

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Boeing Co. (NYSE: BA) shares pulled back sharply in late 2018 but the shares of the aerospace giant still managed to squeeze out a gain of more than 9% last year.

Trading is expected to be mostly quiet ahead of the Christmas holiday on Wednesday.

On Monday, the Dow Jones industrial average climbed 96 points, or 0.3%, to close at 28,551.53. The Standard & Poor’s 500 rose 0.1% to end at 3,224.01. The technology-heavy Nasdaq Composite added 0.2% to finish at 8,945.65. 

Walt Disney shares fell 1.5% after box office receipts for “Star Wars: The Rise of Skywalker” couldn’t match the opening weekend performance of its recent predecessors.

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