Boeing soars on rescue deal expectations

Business | 26 Mar 2020 11:26 am

Shares in Boeing soared by 24.3 percent on Wednesday on Wall Street in part on expectations that it stands to gain from the aid package brokered on Capitol Hill.

Other travel-related stocks also stormed higher to recoup a fraction of their huge losses over the last month. Royal Caribbean Cruises jumped by 23 percent, but it’s still down by 68.2 percent for the year.

Nike climbed by nearly 9.2 percent after it said stronger online sales in China during the coronavirus outbreak helped it offset plunges in revenue caused by the shutdown of stores across the country.

The company said it will follow a similar playbook in other countries as the outbreak has spread around the world. It also said sales are bouncing back in China, where the outbreak has eased and most Nike stores have reopened.-AP


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