Boeing is suspending operations at its Seattle area facilities due to the spread of coronavirus in the area, where dozens of people have been killed
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Boeing is suspending operations at its Seattle area facilities due to the spread of coronavirus in the area, where dozens of people have been killed.
Operations would be reduced beginning Wednesday, the company said in a statement, and production would be suspended for a two weeks.
“This necessary step protects our employees and the communities where they work and live,” said Boeing President and CEO Dave Calhoun.
The aerospace ginat employs more than 60,000 people in Washington state.
Boeing’s stock rose 8% to $102.71. The stock has fallen 69% this month as airlines make deep cuts to their flights due to widening travel bans and plummeting demand for air travel because of the cornonavirus outbreak. That has led investors to anticipate lower demand for new planes.
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U.S. stock futures are making a dramatic swing higher after the Federal Reserve announced it will lend to small and large businesses and local governments as well as extend its bond buying programs.
Futures for the Dow Jones Industrial Average were down about 500 points before the Fed announced its actions. The Dow futures swung nearly 1,000 points and as of 8:30 a.m. were up 422 points. Futures for the S&P 500 showed a gain of 50 points.
The announcement Monday is part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged by the viral outbreak.