Boeing Co.'s stock surged 1.5% in afternoon trade Monday, to provide the biggest boost to the Dow Jones Industrial Average , after reports that the aerospace and defense giant was cutting more jobs. The stock's price gain of $2.62 was adding 18 points to the Dow, which was up 132 points. The second-biggest boost was from Goldman Sachs Group Inc. shares, which rose $1.76 to add 12 points to the Dow. Boeing was planning "hundreds" of more involuntary job cuts, focused on engineers at Seattle manufacturing plants, The Wall Street Journal reported, citing a staff memo. The notices will be issued on Friday, the WSJ report said. The company has already accepted about 1,800 voluntary buyouts, but said it needed to cut more jobs to meet its operating plan, the WSJ report said. Boeing's stock has rallied 15% year to date, while the Dow has gained 4.2%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below