Back to main

Aerospace & Defense Stocks Weaken on Back of Government Shutdown, Fed Comments

Posted
10/9/2013 12:48:00 PM
By: MT Newswires
Referenced Stocks:AIR;BA;GD;SPR;TXT

Aerospace and defense stocks fell Wednesday, with the S&P Aerospace & Defense Select Industry Index (SPSIAD) down 0.4%, on continued concern over the impact of the government shutdown, as the sector relies on government contracts.

Investors were also concerned by comments from Charles Evans, president and chief executive of the Federal Reserve Bank of Chicago, highlighting continued high jobless rates and disappointing U.S. economic growth.

The sector's decliners included Boeing Co. ( BA ), down 0.7%; Spirit AeroSystems Holdings Inc. ( SPR ), down 1.3%; Textron Inc. ( TXT ), down 1.1%; and General Dynamics Corp. ( GD ), down 0.1%.

AAR Corp. ( AIR ) bucked the downward trend, rising 0.6% as the company held its annual shareholder meeting.

SPSIAD is up 30% year to date, versus the S&P 500's 16% climb.