President Donald Trump's decision to oust Secretary of State Rex Tillerson in favor of CIA Director Mike Pompeo sent defense and aerospace stocks rising on Tuesday, March 13.
Military communications and aviation system manufacturer Rockwell Collins Inc. (COL) was up 0.23 in premarket trading, while Northrop Grumman Corp. (NOC) - Get Northrop Grumman Corporation Report gained 0.74%, Boeing Co. (BA) - Get Boeing Company Report climbed 0.31%, Lockheed Martin Corp. (LMT) - Get Lockheed Martin Corporation (LMT) Report rose 0.21%, and Raytheon Co. (RTN) - Get Raytheon Company Report was up 0.54%.
It has been a tumultuous March for the Trump administration. Senior Economic Adviser Gary Cohn stepped down earlier this month over disagreements with the White House over its decision to issue tariffs on steel and aluminum imports.
The major averages were rising steadily in spite of the changing situation in Washington.