Wall Street opens higher … Boeing CEO resigns immediately … November home sales slump
NEW YORK (AP) – Shares are opening higher on Wall Street in quiet trading ahead of the Christmas holiday in many markets. At 10:16 a.m. Eastern Time, the S&P 500 rose 4 points to 3,225. The Dow Jones Industrial Average gained 109 points, to 28,564. And the Nasdaq was up 13 points, to 8,938. Bond prices were unchanged. The yield on the 10-year Treasury held steady at 1.91%.
UNDATED (AP) – Boeing CEO Dennis Muilenburg is resigning immediately amid ongoing problems at the company over the troubled Max 737 aircraft. The board’s current chairman David Calhoun will officially take over on January 13. The board says a change in leadership is necessary to restore confidence in Boeing as it works to repair relationships with regulators and stakeholders. The Max was grounded worldwide in March after the second of two crashes of its jet, killing a combined total of 346 people.
UNDATED (AP) – The man who is replacing Boeing CEO Dennis Muilenburg says he strongly believes in the future of Boeing and the 737 Max, which claimed the lives of 346 people in two crashes. Boeing board chairman David Calhoun will replace Muilenburg on January 13, as Boeing prepares to halt production of the 737 Max next month. Just recently, United Airlines said it would pull the Max from its flight schedule until June. Fuselage maker Spirit AeroSystems said it would end deliveries for the Max in January.
WASHINGTON (AP) – Orders to U.S. factories for big-ticket manufactured goods fell 2% in November, the biggest decline in six months. The drop was led by a large decrease in orders for defense aircraft and parts. A closely watched category that tracks business investment ticked up 0.1%. The Commerce Department says the drop in orders for durable goods last month was the biggest decline since May. Orders have fallen in two of the past three months.
WASHINGTON (AP) – Home-buying slumped in November, with many Americans priced out of the market by rising prices and a shortage of sales listings. The National Association of Realtors says that sales of existing homes fell 1.7% last month to a seasonally adjusted annual rate of 5.35 million. The number of properties for sale has dwindled 5.7% from a year ago to 1.64 million units. And the median home sales price has climbed 5.4% from a year ago to $257,400, outpacing wage growth.