- Title: Wall Street hits records on reports of U.S.-China trade deal
- Date: 12th December 2019
- Summary: RENTON, WASHINGTON, UNITED STATES (FILE) (REUTERS) VARIOUS OF BOEING 737 ON TARMAC AT BOEING'S FACTORY BOEING 737 TAKING OFF
- Embargoed: 26th December 2019 21:24
- Keywords: Boeing Dow Jones Industrial Average Nasdaq Composite President Donald Trump S&P 500 Steven Blitz TS Lombard U.S. stocks U.S.-China trade equities stock market tariffs trading
- Location: NEW YORK, NEW YORK, + RENTON, WASHINGTON, UNITED STATES
- City: NEW YORK, NEW YORK, + RENTON, WASHINGTON, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA004B9O9QX9
- Aspect Ratio: 16:9
- Story Text:Wall Street's main indexes hit record highs on Thursday (December 12) following news that the United States had reached a "deal in principle" with China to resolve a trade war that has rattled markets for nearly two years.
The Dow Jones Industrial Average rose 220.75 points, or 0.79%, to 28,132.05, the S&P 500 gained 26.93 points, or 0.86%, to 3,168.56 and the Nasdaq Composite added 63.27 points, or 0.73%, to 8,717.32.
Boeing's shares fell 1.5%. Boeing previously warned a significant delay in MAX approval could force it to cut or halt production of the aircraft, a move that would have repercussions across its global supply chain.
Boeing on Thursday abandoned its goal of winning approval this month from the Federal Aviation Administration to unground the 737 MAX after Chief Executive Dennis Muilenburg met with senior U.S. aviation officials.
The announcement came after a congressional hearing on Wednesday in which numerous automakers prodded the FAA to take a tougher line with Boeing as it continues to review the plane that has been grounded since March after two fatal crashes.
FAA Administrator Steve Dickson said Wednesday (December 11) he would not clear the plane to fly before 2020 and disclosed the agency has an ongoing investigation into 737 production issues in Renton, Washington. He added there are nearly a dozen milestones that must be completed before the MAX returns to service.
Muilenburg and Boeing's commercial airplanes chief Stan Deal met with Dickson and "committed to addressing all of the FAA's questions," the company said, adding it will work to support the FAA's "requirements and their timeline as we work to safely return the Max to service in 2020."
(Production: Aleksandra Michalska & Conway G. Gittens)
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