The market's recent rally to record highs has rewarded investors with plenty of green, and the Dow Jones Industrial Average is all green again today. As of 2:15 p.m. EDT, the blue-chip index has picked up 94 points, or 0.65%, as it closes in on record levels once again. Most members of the Dow are rising, with numerous stocks recording gains of more than 1%. Let's get caught up on the big movers of the day.
The 787 flies again
Boeing is taking to the skies, with shares up 2% to rank the aerospace stock among today's Dow leaders. The company's 787 Dreamliner, grounded since it experienced battery faults early in the year, completed a successful two-hour test flight involving a new battery system. The FAA will still need to approve the new battery before Boeing can implement it in commercial jets, and the company is still engaged in further test flights after this one, but the success is an optimistic sign for down-on-their-luck shareholders waiting for Boeing's newest aircraft to lift off again.
Tech stocks are also on the rise today. Intel shares have also pulled in 2% gains so far today, while IBM has recorded more modest gains of 0.6%. Intel shareholders have reacted favorably to reports that the company is considering launching an online pay-TV business and talking with network companies such as Time Warner and NBC Universal to broadcast shows and content. It's a step outside of Intel's comfort zone, but it's an indicator that the company is willing to do what it takes to diversify away from the declining PC market its semiconductors dominate.
On the other side of the Dow, however, Bank of America hasn't been so fortunate, with shares falling 0.9% to lead blue-chip laggards lower. Banks have been watching the recent Cyprus bailout situation with a close eye for any potential blowback into the eurozone, but the island nation's relatively small economy means the bailout achieved this week won't affect B of A and its peers significantly.
However, it will affect other parties involved: Bank of America Merrill Lynch cut its rating on Russia to "marketweight" today, citing the country as a "net loser" in the Cypriot bailout, which will impose an aggressive levy on uninsured bank deposits holding more than 100,000 euros. With many wealthy Russians using Cyprus' bloated financial system as a haven for bank accounts, the Eurasian nation will no doubt feel a blow from the eurozone's final bailout agreement.
Are blue skies in the forecast for Boeing?
Boeing is a major player in a multitrillion-dollar market in which the opportunities and responsibilities are massive. However, emerging competitors and the company's execution problems have investors wondering whether Boeing will live up to its shareholder responsibilities. In our premium research report on the company, two of The Motley Fool's best industrial-sector minds have collaborated to provide investors with the must-know info on Boeing. They'll be updating the report as key news hits, so don't miss out -- simply click here now to claim your copy today.
Copyright © 2009 The Motley Fool, LLC. All rights reserved.