Boeing Supplier Up 4.7% After Feds Boost Support

Markets are recovering from weeklong slump
By Newser Editors and Wire Services
Posted Sep 13, 2021 3:53 PM CDT
Markets Regroup After Weeklong Slump
Investors have been dealing with choppy trading for weeks as they try to assess how the economic recovery moves forward with rising COVID-19 cases.   (AP Photo/Mark Lennihan, File)

Stocks managed to end a wobbly day mostly higher on Wall Street Monday as the market regroups after its biggest weekly drop since June. The S&P 500 shook off an afternoon slump and edged up 0.2%, the Dow Jones Industrial Average added 0.8% and the Nasdaq slipped 0.1%. Financial and energy stocks climbed, helping to make up for losses in health care. Energy companies benefited from higher prices for oil and natural gas. Benchmark crude oil rose 1% to close above $70 a barrel for the first time time since early August. The yield on the 10-year Treasury fell to 1.32%. The S&P 500 rose 10.15 points to 4,468.73. The Dow Jones Industrial Average rose 261.91 points to 34,869.63. The Nasdaq fell 9.91 points to 15,105.58.

Spirit Aerosystems, which is a key parts supplier to Boeing, rose 4.7% following the announcement of more government support for the industry, the AP reports. The Biden administration is making $482 million available to aviation industry manufacturers to help them avert job or pay cuts in the pandemic. There were slightly more gainers than losers in the benchmark S&P 500. "Interestingly it’s all still within this narrow band that we've been seeing in the markets," says Greg Bassuk, CEO of Axs Investments. "Investors are still looking to hang their hats on more outsized or more significant news relating to the economic recovery."

Wall Street will have several key pieces of data to review this week. The Labor Department will release its consumer price index for August on Tuesday, which will give investors another update on inflation, and the Commerce Department will release retail sales data for August on Thursday to a market still trying to determine the full impact of rising COVID-19 cases on consumer spending. (Read more stock market stories.)

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