Boeing’s stock surges, to add about 80 points to the Dow, on expected FAA approval of 737 MAX return to service

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Shares of Boeing Co. shot up 5.8% in early trading Wednesday, enough to pace the Dow Jones Industrial Average’s premarket gainers, as the Federal Aviation Administration is widely expected to approve the return to service of aerospace giant’s 737 MAX jets, which have been grounded since March 2019. The stock’s implied price gain would add about 80 points to the Dow’s price, while Dow futures rose 122 points, or 0.4%. Analyst Robert Stallard at Vertical Research Partners said this pending approval is the “cherry on the cake” for Boeing, following on from good news on the U.S. election and progress on coronavirus vaccines. Boeing’s stock is on track to open at the highest price seen during regular-session hours since June 9. The stock has tumbled 35.5% year to date through Tuesday, while the Dow has gained 4.4%.
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