Markets surged higher on Monday morning following the announcement of one of the most significant developments to date in the fight against COVID-19. Airline stocks, among the biggest losers during the pandemic, are leading the charge higher, and the companies that rely on airlines for sales are close behind.
Shares of Boeing (NYSE: BA) were up 12% as of 10 a.m. EST, and key Boeing suppliers also benefited: Spirit AeroSystems Holdings (NYSE: SPR) was up 23%; Triumph Group (NYSE: TGI) and Allegheny Technologies (NYSE: ATI) were both up more than 16%; TransDigm Group (NYSE: TDG) was up 11%; and both Heico (NYSE: HEI) and Raytheon Technologies (NYSE: RTX) were up more than 7% apiece.
Investors have Pfizer to thank for the market's strong performance on Monday morning. Before markets opened, the drug company announced its COVID-19 vaccine had a success rate of more than 90% in a study of thousands of volunteers.
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Why Shares of Boeing and Its Suppliers Are Up Today