Dow, S&P close at records for third-straight session as Boeing management change boosts blue-chips
U.S. stocks extended their drift higher to start a holiday-shortened week, as news that Dennis Muilenburg has stepped down as CEO of Boeing Co. boosted the company's stock, which is the single-largest contributor to the Dow Jones Industrial Average. The Dow rose 97 points, or 0.3%, to about 28,552, the S&P 500 gained about 3 points, or 0.1% at 3,224 and the Nasdaq Composite index rose 21 points, or 0.2% to about 8,946. Each benchmark closed at all-time highs, with the Dow and S&P 500 doing so for the third-straight session and the Nasdaq for the 8th, according to Dow Jones Market Data. Boeing shares gained 2.9% and added roughly 65 points to the Dow. Helping to boost investor sentiment was news Monday that China will cut import tariffs on frozen pork, pharmaceuticals and some high-tech components starting on Jan 1. The move was the latest in a series of actions that were seen as reducing trade tensions, a key catalyst for the market's end-of-year rally. In economic data, orders for long-lasting goods fell by 2% in November, reflecting continued weakness in the manufacturing sector and business investment, though core capital expenditures rose 0.1% from October.