TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, March 12.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.
Stocks were in the green to close out today's session. The Dow closed up over 200 points, the Nasdaq closed up 1.5 percent, and the S&P closed just over one percent higher. This comes as investors continue to react to the latest read on the Consumer Price Index, which came in line with analyst expectations. Wall Street is looking ahead to Thursday when the Producer Price Index comes out. Both reports will be crucial when the Fed meets at the end of March.
Turning to the skies - the bad news just keeps on coming for Boeing. As it continues to deal with the fallout from several incidents involving its 737 Max fleet, the company is taking a back seat to its largest competitor, Airbus. Boeing delivered just 27 planes in February, while Airbus handed over 49. In the first two months of the year, Airbus has out-delivered Boeing by a tally of 79 to 54. And as Boeing Max jet planes continue to struggle with quality control issues and production delays, it’s starting to negatively impact the airlines that rely on the aircraft.
Southwest only uses Boeing 737s and was expecting 58 new planes from Boeing this year - but it will only receive 46, causing Southwest to re-evaluate its 2024 financial forecast. And United Airlines announced it would be taking the yet-to-be-certified Max 10 out of its fleet plans for the year. Several groundings and stints of halted production over the past several years have led to big losses for Boeing. The company reported it lost $2.2 billion in 2023 and almost $27 billion over the last five years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet
