U.S. defense shares hit record highs, boosted by Trump win
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
A UAV helicopter build by Northrop Gruman is on deck aboard the soon to be commissioned littoral combat ship USS Coronado during a media tour in Coronado, California April 3, 2014. REUTERS/Mike Blake/File Photo
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
NEW YORK (Reuters) - U.S. defense shares jumped on Wednesday, with companies including Northrop Grumman (NYSE: NOC) hitting lifetime highs, as the presidential victory by Republican Donald Trump lifted expectations of increased military spending here and overseas.
Shares of Raytheon were last up 7.5 percent at $146.70, while General Dynamics was up 5.8 percent at $162.6,2 and Northrop was up 5.7 percent at $242.95.
Shares of Lockheed Martin (NYSE: LMT) rose 6.5 percent to $254.75 and hit their highest intraday level since about mid-August. Other defense names rose more modestly: Boeing (NYSE: BA) was up 2 percent at $145.05.
Defense shares had already been higher this year, underpinned in part by signs of increased global conflict.
While Trump's rival in the race for the White House, Democrat Hillary Clinton, also had advocated tough defense and foreign policies, Trump has been a big supporter of increased defense spending, saying he would expand the Army and add to the number of ships.
"It's basically he believes in stronger preparation. It's strength equals preparedness," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Trump has called on NATO alliance partners to do more to pay for their own security.
Elsewhere, shares of the U.K.'s BAE Systems
(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Defense Sequester Ended - White House Website
- Canada is not the focus of Trump team's trade worries: envoy
- France's Valls urges big second round turnout as presidential bid stumbles
Create E-mail Alert Related CategoriesGeneral News, Reuters
Related EntitiesDonald J. Trump
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!