Dow Dumps While Boeing Stock Plunges to Staggering $28 Billion Loss
The Dow dumped its pre-market gains, and major component Boeing is heading toward a $28 billion weekly loss. | Source: AP Photo Michael Probst
The Dow lagged behind the broader U.S. stock market Friday as Boeing Co (BA) headed for its ninth drop in ten days in the wake of the Ethiopian Airline crash that killed 157 people last weekend. An investigation into the wreckage suggests that the doomed flight was configured to dive based on an analysis of a screw-like device that controls the plane’s nose.
Dow Makes Sharp Reversal after Early Gains
The Dow Jones Industrial Average opened slightly higher on Friday, reflecting a solid pre-market session for Dow futures. However, the rally would soon fizzle, with the index falling as much as 60 points. At last check, the blue-chip index was down 47 points, or 0.2%, at 25,662.93.
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The broad S&P 500 Index of large-cap stocks rose 0.2% to 2,814.03. Gains were primarily concentrated in technology. The sector rose 1.1% through the mid-morning with shares of semiconductor companies surging 3.6%. Consumer staples also outperformed the benchmark, gaining 0.3%. Financials and materials also traded higher.
On the opposite side of the ledger, industrials stocks declined 0.5% on average. Communication services declined by a similar margin.
Surging tech shares propelled the Nasdaq Composite Index to a gain of 0.6%.