Stock Market News: Boeing Keeps Waiting; Saudi Aramco IPO Hits No. 1
Wednesday morning continued the waiting game for most market participants, as a two-day meeting of the Federal Reserve's monetary policy committee is set to draw to a close this afternoon. Investors aren't anticipating an interest rate change at this meeting, but they're hoping to get some insight into what could happen in the future. The latest reading on consumer inflation also raised some concerns about policy. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 49 points to 27,833. However, the S&P 500 (SNPINDEX: ^GSPC) climbed 4 points to 3,136, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 16 points to 8,632.
The Dow's underperformance came largely from Boeing (NYSE: BA), which found out that it won't be able to move forward with getting its 737 MAX jet in the air as quickly as hoped. Meanwhile, oil giant Saudi Aramco had its initial public offering on the Saudi Arabian stock exchange, and its valuation makes it the most valuable publicly traded company in the world.
Shares of Boeing fell 2% after the U.S. Federal Aviation Administration (FAA) said that the aircraft manufacturer shouldn't expect to get clearance to fly again until the end of 2019. FAA Administrator Steve Dickson offered testimony today to a House committee to keep lawmakers apprised of the situation.
Source Fool.com
