Stocks rallied on heavy volume as the Dow gained 98 points to 19,954. The NASDAQ also hit a new high as market fundamentals remain positive for now.
2016 was a good year for Boeing and Airbus with the later hitting a record for deliveries with 688 planes out the door. Boeing meanwhile rolled out 748 jets in 2016. In terms of new orders the book-to-bill ratio for both companies fell below 1 for the first time since 2009 which indicates a falloff from the record order pace of the past couple years. Airbus recorded 731 net orders in 2016 while Boeing had 668 net orders. Some airliners are buying cheaper second hand jets instead of new ones when they can.
Oil gained back about 3% as Saudi oil cuts offset a rise in US oil inventories. Mexico is experiencing energy troubles and recently upped the price of gasoline by 20%. This is causing riots and the cause is being attributed to the need for oil imports and the falling value of the Peso against the US dollar.