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) gained 0.74%, Boeing Co. (BA) climbed 0.31%, Lockheed Martin Corp. (LMT) rose 0.21%, and Raytheon Co. (RTN) was up 0.54%.
Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service! Gina Haspel will become the new Director of the CIA, and the first woman so chosen. Congratulations to all!— Donald J. Trump (@realDonaldTrump) March 13, 2018
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.