GE stock surges toward 5-year high, as it breaks out of recent consolidation
Shares of General Electric Co. (GE) rallied 2.3% in afternoon trading Monday, to break out of a near three-week consolidation and to take it toward a five-year closing high. The stock had closed in a relatively narrow range of $88.97 to $92.18 since it March 9, which was the day the aerospace and power company affirmed its full-year profit guidance at its investor day. With Monday's rally to above the $93 level, the stock was on track for the highest close since Feb. 2, 2018, which was about seven months before current Chief Executive Larry Culp took GE's reins. The stock has soared 43.0% year to date, while the S&P 500 has gained 4.0%.
-Tomi Kilgore
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March 27, 2023 15:33 ET (19:33 GMT)
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