Why Shares of Boeing and Its Suppliers Are Up Today
Markets surged higher on Monday morning following the announcement of one of the most significant developments to date in the fight against COVID-19. Airline stocks, among the biggest losers during the pandemic, are leading the charge higher, and the companies that rely on airlines for sales are close behind.
Shares of Boeing (NYSE: BA) were up 12% as of 10 a.m. EST, and key Boeing suppliers also benefited: Spirit AeroSystems Holdings (NYSE: SPR) was up 23%; Triumph Group (NYSE: TGI) and Allegheny Technologies (NYSE: ATI) were both up more than 16%; TransDigm Group (NYSE: TDG) was up 11%; and both Heico (NYSE: HEI) and Raytheon Technologies (NYSE: RTX) were up more than 7% apiece.
Investors have Pfizer to thank for the market's strong performance on Monday morning. Before markets opened, the drug company announced its COVID-19 vaccine had a success rate of more than 90% in a study of thousands of volunteers.
Source Fool.com
