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StockBeat: Defense Stocks Rally After U.S. Strike Against Iran

Published 01/03/2020, 02:30 PM
Updated 01/03/2020, 02:34 PM
© Reuters.

Investing.com – Defense stocks naturally bucked the market selloff Friday as increased tensions in the Middle East and the possibility of an escalating conflict between the U.S. and Iran sent cash into those companies that may see increased demand.

Lockheed Martin (NYSE:LMT) rose 3.6% and hit a new all-time high of $417.09 earlier in the session.

Northrop Grumman (NYSE:NOC) surged 5.3%.

Raytheon (NYSE:RTN) rose 1.4%, General Dynamics (NYSE:GD) gained 0.6% and L3Harris Technologies (NYSE:LHX) climbed 2.8%

The iShares U.S. Aerospace & Defense ETF (NYSE:ITA) was up 0.7%, weighed down by Boeing (NYSE:BA), which wouldn’t profit from escalated tensions and is out of favor due to the 737 Max jet crashes and grounding.

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