Boeing's stock selloff a triple-digit point drag on the Dow
10/18/19 2:13 PM ET (MarketWatch)
Boeing Co. (
BA) is by far the biggest drag on the Dow Jones Industrial Average on Friday, as the aerospace giant's stock selloff accounts for a triple-digit decline all by itself. Takeaway Boeing and Johnson & Johnson's (JNJ) tumbled, and the Dow would actually be higher. Boeing's stock fell 4.8% in afternoon trading after Reuters reported ( https://www.cnbc.com/2019/10/18/boeing-shares-slide-on-report-faa-is-concerned-it-was-misled-about-737-max.html) that the company misled the Federal Aviation Administration ( http://www.marketwatch.com/story/boeing-stock-slips-further-on-report-it-misled-faa-2019-10-18) regarding the safety of its 737 Max planes, which have been grounded since March after two deadly crashes. The $17.86-price decline was shaving about 121 points off the Dow's price. Meanwhile, J&J's stock dropped $7.83, or 5.8%, after the company announced an asbestos-related recall of its baby powder ( http://www.marketwatch.com/story/johnson-johnson-stock-pummeled-after-asbestos-related-baby-powder-recall-2019-10-18), to undercut the Dow by 53 points. With the Dow down 168 points, excluding the shares of Boeing and J&J would turn the Dow slightly positive.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 18, 2019 14:13 ET (18:13 GMT)
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