Boeing reverses 21-point drag on Dow to become 59-point contributor
Shares of Boeing Co. BA, +2.94% pulled a sharp U-turn in morning trading Tuesday to rally 2.6%, enough to pace the Dow Jones Industrial Average's DJIA, -0.09% gainers. The stock reversed an earlier decline of 0.9%. The stock was now adding 59 points to the Dow's price, after shaving about 21 points at the intraday low. The Dow was 38 down points, paring earlier losses of as much as 138 points. The stock has tacked on 4.
4% over the past 12 months, while the Dow has rallied 22%. The Wall Street Journal reported Tuesday that Boeing is reassigning about 3,000 employees working on the 737 MAX aircraft to help on the 777 and 787 programs. Separately, J.P. Morgan said Tuesday it removed Boeing's stock from its "Focus List," citing increased uncertainty regarding the 737 MAX's return to service. The Focus List is a list of J.P. Morgan analysts' one-to-three "best" stock picks.
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