Stocks largely went sideways on Tuesday — except the high-flying tech sector — as markets took a step back from their hot start to the week and adopted a more sober assessment of the timeline for a widely distributed vaccine.
The blue-chip Dow Jones Industrial Average diverged for a second straight day from the tech-heavy Nasdaq Composite Index; the Dow is up nearly 1,100 points in the last two trading days, while the Nasdaq has fallen 2.9% over the same period.
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Driven largely by Boeing (ticker: BA), the Dow rose 262 points, or 0.9%, to finish at 29,420.
Boeing getting air again? The troubled, tragic, and long saga of the Boeing 737 Max appears to be nearing a resolution, with reports that the aerospace giant’s grounded jetliner could be cleared by the Federal Aviation Administration for takeoff as early as next week.
After two fatal Boeing 737 Max crashes that killed hundreds of people, the model was grounded in March 2019, pending regulatory investigations that revealed safety shortcomings and flaws in the approval process that extended to the FAA itself.
Doubly hit by the crippling of global travel this year, Boeing stock is down about 42% in 2020, even after Tuesday’s 5.2% gain.
China cracking down on antitrust issues? It’s not just the U.S. that is taking antitrust issues more seriously these days. China, too, is homing in on monopolies, especially in the digital arena, and the world’s second-largest economy unveiled draft regulations that would foster more competition among online marketplaces run by the likes of Tencent, Alibaba ( BABA) and JD.com ( JD).
The digital payments arms of Tencent and Alibaba, in particular, are also under scrutiny, with the Chinese government considering regulations traditionally used for banks due to each company’s growing financial influence.
BABA stock fell 8.3% on Tuesday. Wednesday, Nov. 11, is the company’s famed Singles’ Day shopping holiday, during which Alibaba pushes holiday deals on its site and does an incredible amount of business.
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Stock Market Today: Boeing Stock Soars, Alibaba Shares Tumble originally appeared on usnews.com
