UTX - Why Raytheon General Dynamics and United Technologies Stocks All Fell 10% Today
Congressional and White House plans to bail out companies crushed by the novel coronavirus and to mail out billions of dollars' worth of relief cash to workers either laid off from work or confined to quarters under stay-at-home orders collapsed over the weekend.
With the Coronavirus stimulus bill lacking support from Democrats in the Senate and several key Republican senators self-quarantined, the relief package failed in the Senate late Sunday -- and now industrial stocks are suffering the consequences.
As of 12:25 p.m. EDT Monday, shares of Raytheon (NYSE: RTN) are down 10%, United Technologies (NYSE: UTX) 10.1%, and General Dynamics (NYSE: GD) 8.8%. All three stocks were down more than 10% in trading earlier today.