2023-03-24 17:35:32 ET
Northrop Grumman’s ( NYSE: NOC ) stock advanced 2.6% this week, the best performance among widely held, large-cap industrial companies. The Industrial Select Sector SPDR ETF ( NYSEARCA: XLI ), whose holdings include the biggest companies in the manufacturing sector, edged upward by 0.2% to narrow its year-to-date loss to -1.5%.
The slim gains came during a volatile week for markets amid continued fears about the financial health of U.S. banks. The Standard & Poor’s 500 stock index ( SP500 ) gained 1.4%, the Dow Jones Industrial Average advanced 1.2% and the Nasdaq Composite climbed 1.7%.
Northrop Grumman ( NOC ) on Monday said it will begin making what’s known as the multi-role electronically scanned array sensor for the U.S. Air Force’s E-7 radar aircraft.
U.S. Air Force E-7 equipped with multi-role electronically scanned array (MESA) sensor on its fuselage. Photo: Boeing
Boeing ( NYSE: BA ) last month was awarded a contract for as much as $1.2 billion to start work on two new models of the E-7. The Air Force said it wants to have 26 E-7s by 2032 to replace its aging E-3 airborne warning and control system (AWAC) planes.
Company (Ticker) | 5-day change, March 24 |
Boeing ( BA ) | -1.8% |
Caterpillar ( NYSE: CAT ) | 0.9% |
Deere ( NYSE: DE ) | 0.3% |
General Electric ( NYSE: GE ) | 1.2% |
Honeywell International ( NASDAQ: HON ) | 1.9% |
Industrial Select Sector SPDR ETF ( XLI ) | 0.2% |
Lockheed Martin ( NYSE: LMT ) | 1.9% |
Northrop Grumman ( NOC ) | 2.6% |
Raytheon Technologies ( NYSE: RTX ) | 0.7% |
Union Pacific ( NYSE: UNP ) | -0.8% |
United Parcel Service ( NYSE: UPS ) | -0.4% |
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Northrop Grumman leads weekly gains in industrial stocks