Aircraft manufacturer Boeing was under pressure on the stock exchanges in New York on Monday. Investors were shocked by the crash of a Boeing 737 in China.
The mood on Wall Street continued to be cautious, pending further developments surrounding the Russian war in Ukraine. Markets also appear to be catching their breath after last week’s strong rally.
Boeing fell 4.5 percent. A China Eastern Airlines Boeing 737 crashed in southern China on Monday. According to the aviation authorities, 123 passengers and nine crew members were on board. Rescue workers have been sent to the crash site. The plane that crashed was not a 737 MAX, according to Boeing. That aircraft was grounded worldwide in March 2019 after two fatal accidents involving that type in a short time.
Shortly after opening, the Dow-Jones index was slightly higher at 34,766 points. The broad S&P 500 rose 0.3 percent to 4476 points, and tech gauge Nasdaq fell a fraction to 13,892 points. Last week, the US stock markets recorded the largest weekly gain since November 2020.
Allegehany added more than 25 percent. Berkshire Hathaway, the investment company of stock billionaire Warren Buffett, is buying the company, including an insurance company and a toymaker, for $11.6 billion in cash. Anaplan was worth almost 28 percent more. The software company is being bought for 10.7 billion dollars by the private investment company Thoma Bravo.
Nielsen Holdings plunged 10.5 percent. The market research firm has rejected a takeover offer of about $9.1 billion from a group of private investors. The company, which is mainly known for its viewing and listening surveys, finds the offer too low.
General Motors lost 1.3 percent. The automaker is buying for $2.1 billion the Japanese tech investor SoftBank’s stake in the Cruise business, which focuses on self-driving cars. GM is also investing an additional $1.35 billion in the division to compensate for the loss of investments by SoftBank.