Stock Market News: Boeing CEO Out; Intra-Cellular Therapies Triples
Wall Street started its holiday celebrations early on Monday morning, as major benchmarks were generally higher. Some positive news on the trade front lifted the moods of market participants after China said it would reduce some tariffs on key products at the beginning of 2020. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 118 points to 28,574. The S&P 500 (SNPINDEX: ^GSPC) gained 5 points to 3,226, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 24 points to 8,949.
Boeing (NYSE: BA) has been in the headlines a lot lately because of the continued grounding of its 737 MAX aircraft, and the company just took steps to hold leadership accountable for the situation. Meanwhile, Intra-Cellular Therapies (NASDAQ: ITCI) saw its stock more than triple on good news from its treatment pipeline.
Shares of Boeing climbed 3% after the aerospace giant announced that CEO Dennis Muilenburg would resign, effective immediately. CFO Greg Smith will take over as interim CEO for a short period during the holidays, but current board chair David Calhoun will become the permanent CEO as of Jan. 13.
Source Fool.com
