The record $100bn worth of Boeing’s new 777X jets sold at the Dubai Airshow on Sunday has seen the aircraft manufacturer’s shares soar, helping to push the Dow Jones over 16,000 for the first time in history.
In a milestone day for US stocks, the S&P 500 also briefly broke 1800 for the first time, while the Nasdaq Composite approached 4,000, a level it hasn’t seen since September 2000.
Boeing shares reached as high as $142 before closing up 1.7 percent at $138.36 on Monday, the first day of trading after the plane maker launched its new 777X jets with a commitment for a total of 259 from three Gulf airlines and Europe’s Lufthansa.
Dubai airline Emirates bought 150, the UAE national carrier Etihad committed to 25 and Qatar Airways agreed to buy 50.
Lufthansa will purchase 34 of the new jets in what Boeing described as an “overwhelming” response to the model.
The market also responded positively, sending Boeing shares flying.
However, all three major US indexes pulled back from their record levels by the end of close on Monday following comments from influential US investor Carl Icahn.
Speaking at the Reuters Global Investment Outlook Summit, Icahn said he was “very cautious” on the stock market, saying he could see a “big drop” because earnings at many companies were fuelled more by low borrowing costs than the strength of management.
Reuters also reported there could be some technical and psychological resistance to the market remaining above the milestone figures but clearing them could prompt more buying from investors and managers eager to chase performance.
Follow us on
