Why Shares of Boeing Are Up Today
Shares of Boeing (NYSE: BA) traded up nearly 5% on Monday on encouraging developments in the battle against COVID-19. Over the weekend, the Food and Drug Administration authorized a new treatment for hospitalized patients, and reports surfaced that President Donald Trump could push to green-light a vaccine as soon as this fall.
A quicker-than-expected end to the pandemic would be good news for beaten-down airlines, which in turn would be good news for Boeing. That's good enough to get the shares jumping higher on Monday. As of 1 p.m. EDT, shares were up 4.75%.
Boeing shares have lost nearly half of their value year to date, as the aerospace giant has had to deal with a wave of order cancellations and deferrals due to the coronavirus. Airlines have seen travel demand fall by 70% or more year over year; as a result, they need fewer planes now than they did just a few months ago.
Source Fool.com
