This stock market rally would have been even stronger if it hadn't been for Boeing
Posted October 21, 2019 3:20 p.m. EDT
Updated October 21, 2019 4:17 p.m. EDT
CNN — US stocks closed higher Monday, but the rally would have been even stronger if it hadn't been for Boeing, whose falling shares held back the Dow.
All major stock indexes ended in the green, with the S&P 500 closing up 0.7%, and the Nasdaq Composite finishing 0.9% higher. But the Dow only inched up 0.2% Monday.
Boeing shares closed down nearly 4%, which translates into a nearly 13 point drag on the Dow.
While the troubled company wasn't the only Dow stock in the red, it weighed 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.