Dow Jones News: Boeing Cuts Production and Staff; Microsoft Reports This Afternoon

The Dow Jones Industrial Average (DJINDICES: ^DJI) was in rally mode Wednesday, up roughly 2% at 10:45 a.m. EDT. The gains come as the economic damage from the novel coronavirus pandemic becomes clearer. The U.S. economy contracted at an annualized rate of 4.8% in the first quarter, marking the beginning of what will likely be a severe recession.

Shares of Boeing (NYSE: BA) helped push the Dow higher, with the company's results and cost-cutting measures deemed good news by the market. Microsoft (NASDAQ: MSFT) stock was also up as the company prepares to report its own results this afternoon.

Boeing delivered just 50 commercial airplanes in the first quarter, down two-thirds from the prior-year period. A combination of the 737 MAX grounding and the novel coronavirus pandemic wreaked havoc on the company's results.

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Source Fool.com