Boeing Co.'s stock hit an all-time high Tuesday, reaching $70.94, a fraction higher than the previous high of $70.9375 on the New York Stock Exchange.
CHICAGO — Boeing Co.’s stock hit an all-time high Tuesday, capping a nearly three-year ascent that reflects the aerospace firm’s rebound in commercial airplane sales and continuing strength in defense contracting.
Shares reached $70.94 — a fraction higher than the previous all-time high of $70.9375 during the trading day on Dec. 8, 2000 — on the New York Stock Exchange. They ended the trading session up 40 cents at $70.59, their highest closing price ever.
After peaking in late 2000, the stock lost nearly two-thirds of its value in the following 27 months amid fallout from the 2001 terror attacks that crippled its commercial airline customers, bottoming out at $24.73 on March 12, 2003, before recovering.
The latest increase of 0.6 percent Tuesday roughly mirrored the gain registered by the Dow Jones Industrial Average and came a day after Boeing approved a 20 percent increase in its quarterly dividend.
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Chairman and CEO Jim McNerney said the decision to pay a higher dividend was made “because of strong operational performance and excellent cash generation.” He said the company is investing in new technologies and products like the 787 Dreamliner that will deliver future growth, contributing to company pension plans, repaying debt and sharing its success with shareholders through a continuing stock repurchase plan.