Stocks opened the day lower by about 200 points but then steadily gained ground and at the close was up 108 at 24,748. Trading volume was mixed. IDB has the market listed in correction mode after last week’s pullback. BTS is still green light saying that recent weakness was met with tons of support and that baring a surprise event that support level looks solid. All eyes seem to be turning toward Friday’s G20 summit in Buenos Aires where President Trump will go toe to toe with President Xi.
Boeing is having a good month of November. So far this month the “Lazy Bee” has picked up three big orders. One was for 40 737 Max jets values at $5.9 billion, another was Caribbean Airlines which nabbed 12 737s and just today it was announced the Turkish Airlines placed an order for three 777 freighters, or as they say in Alabama….”schree”
United Technologies or UTX announced that along with its purchase of Rockwell Collins, it would split into three different companies. The news drove shares lower and weighed on the Dow and it is also indicative of a trend where big conglomerates like UTX, GE and Dupont are making moves to split into smaller companies. UTX plans to split into an aerospace division, elevator division and buildings division. When asked how the elevator business was going, CEO Greg “Otis” Hayes said: “it’s up and down”.