Stocks were higher today as the Dow posted a solid gain of 113 points on heavy trade to close at 25,971.
While US stocks move up, Chinese equities continue to trade in bear territory. The South China Morning Post reported that PMI activity in small/midsized manufacturing in China hit a 14-month low with the employment sub index hitting a 12-month low. PMI readings from exporters in the Guangdong region have slipped below 50 indicating that this key export region has started to contract. We will keep you posted as things unfold in China.
Boeing is having issues with the delivery of its 737 jetliners. The Renton plant is apparently stuffed with about 50 unfinished 737’s as Boeing scrambles to get these moved off the lot. The company has brought back retired workers and a couple of used car salesman and deliveries in August of the 737 jumped to 48 from only 29 in July. Apparently, the 737 delays were triggered by a combination of engine and fuselage shortages coupled with managements push to speed up production. Meanwhile up in the main Everett plant the KC-46 Tanker program just received another order for 18 more planes valued at $2.8 billion smackers bringing the total under contract to 52 out of a potential deal of 179. Finished KC-46’s are piling up on the tarmac at Paine Field in Everett and the company hopes to begin deliveries soon. Check out the video on our Facebook page. At $160 million per plane you think they could put a convenience store on these flying gas stations so pilots could grab a twinkie while filling up.
Today and this week is packed with history. Today marks the 17th anniversary of the terror attacks on the World Trade Center in New York City while this week marks the 10th anniversary of the collapse of Lehman Brothers which seems to be the moment that everyone awoke to the generational severity of the financial crisis. The lessons of history should never be forgotten lest, through ignorance, we doom ourselves to repeat them. Hats off and a big “Thank You” to all those who fight for and serve this great country. May your examples be those lights which comfort, inspire and lead us into a better day.