This stock market rally would be even stronger if it weren’t for Boeing
US stocks are up Monday, but the rally would be even stronger if it weren’t for Boeing, whose falling shares are holding back the Dow.
All major stock indexes are in the green, with the S&P 500 up 0.6%, and the Nasdaq Composite 0.8% higher. But the Dow only inched up 0.2% Monday.
Boeing shares are down nearly 4%, which translates into a 13 point drag on the Dow.
While the troubled company isn’t the only Dow stock in the red, it is weighing on the index the most heavily.
The aircraft maker was ordered to ground its entire fleet of 737 Max in March after two of the jets crashed, killing 346 people. On Friday, the FAA and the US Department of Transportation said they were investigating whether Boeing withheld information during the certification process of its bestselling 737 Max.
After those reports surfaced, Boeing stock dragged the Dow lower, and the index closed down more than 250 points. The company’s shares have fallen more than 13% since the start of the month, according to Refintiv.
Boeing is due to report earnings on Wednesday morning before the New York market open.