Boeing's woes weigh down Dow industrials
- Article by: MATTHEW CRAFT
- A ssociated Press
- January 16, 2013 - 8:06 PM
NEW YORK - More problems for Boeing's 787 sent the aircraft maker's stock down sharply Wednesday, dragging the Dow Jones industrial average lower.
Japan's two biggest airlines grounded all their Boeing 787s for safety checks Wednesday after one was forced to make an emergency landing. The plane, known as the Dreamliner, has been plagued by a series of problems this year, including a battery fire and fuel leaks. Boeing's stock sank $2.60 to $74.34, a loss of 3 percent.
The Dow lost 23.66 points to close at 13,511.23. Without Boeing's drop, the Dow would have ended the day nearly flat.
The Standard & Poor's 500 index inched up 0.29 to 1,472.63. A gain in Apple helped pull the Nasdaq composite up 6.77 points to 3,117.54.
Apple rose $20.17 to $506.09, ending a three-day slide. The world's largest publicly traded company closed below $500 on Tuesday for the first time in nearly a year. Concerns that the popularity of its iPhone is waning have pushed Apple's stock down 5 percent this month.
Goldman Sachs and JPMorgan Chase, the country's largest bank, rose after both posted quarterly results that trounced analysts' estimates.
Harry Clark, chairman of Clark Capital Management Group in Philadelphia, described JPMorgan's numbers as staggering. The bank's quarterly earnings jumped 55 percent and total revenue for the year hit $100 billion.
"Their earnings are just ridiculously good," Clark said. "It shows you that these giants can make money in any type of environment."
Slightly smaller financial firms, such as Northern Trust and Bank of New York Mellon, reported weaker earnings and their stocks sank.
JPMorgan Chase gained 47 cents to $46.82.
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