Dow Above 30,000 Again, led by Boeing, Stimulus Progress

Dow Above 30,000 Again, led by Boeing, Stimulus Progress

© Reuters.  © Reuters.

By Yasin Ebrahim – The Dow rose Thursday above a key level led by a rise in Boeing on signs of demand returning for the beleaguered Max jets, while ongoing optimism for much-needed stimulus aid continued to underpinned investor sentiment.

The Dow Jones Industrial Average rose 0.45%, or 172 points, rising above the 30,000 level intraday. The S&P 500 was up 0.15%, while the Nasdaq Composite added 0.40%.

Dow component Boeing (NYSE:BA) rose 7% after Ryanair placed an order for 75 additional 737 MAX airplanes, increasing its order book to 210 jets.

The Federal Aviation Authority lifted the ban of Boeing's 737 Max, which was involved in two fatal crashes.

The road to redemption for Boeing 737 Max's will continue as other airlines have pledged to fly the jets again.

American Airlines Group (NASDAQ:AAL) said it will fly the Max jets at the end of the year. Southwest Airlines (NYSE:LUV) (NYSE:LUV) will fly the planes in the second quarter.

Sentiment on stocks was also swayed by the latest developments on stimulus. Senate Minority Leader Chuck Schumer said Senate Leader Mitch McConnell’s does not seemed inclined to compromise on a deal.

Energy also enjoyed runaway gains, spurred by surging oil prices after the major produces tapered production cuts by 500,000 barrels per day to 7.2 million barrels a day. It was less than the expected 1.9 million barrels expected.

In tech, Snowflake (NYSE:SNOW) jumped 14% after its third-quarter results prompted a slew of upgrades from Wall Street analysts.

"The company continues to execute on the longer term opportunity, with little to no impact from COVID. We’re impressed by customers’ embracing the broader data cloud platform…" Credit Suisse (SIX:CSGN) said in a note after upgrading its price target on the stock to $265 from $250.

On the economic front, jobless claims fell for the first time in two weeks data. But Jefferies (NYSE:JEF) said the decline this week is "encouraging, but also difficult to trust."

In the week ended Nov. 28, 712,000 people filed for unemployment insurance, down 75,000 from the prior week's upwardly revised 787,000, and lower than the 775,000 claims expected.

In other news, Tesla (NASDAQ:TSLA) jumped 3% after Goldman Sachs (NYSE:GS) hiked its price target on Tesla to $780 from $355 on signs of faster electric vehicles adoption.

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