The Dow Jones Industrial Average Wednesday afternoon was on track for its best single-session rise in about seven weeks on the back of a sharp rise in shares of Boeing Co. The Dow was rising more than 320 points at at 26,113, which would mark a fresh intraday high. Boeing’s share rally , up 3.5%, or around $12, was contributing about 80 points to that burst higher. A $1 move in any one of the price-weighted Dow’s 30 components equates to a 6.83-point swing. Moves in Boeing’s stock have been the the most influential for the blue-chip average over the past several months. Meanwhile, the S&P 500 index was up more than 1%, driving past a round-number at 2,800, while the Nasdaq Composite Index also was rallying sharply higher, up 1.2% at 7,300. The run-up for equities followed an upbeat report from the Federal Reserve’s Beige book, an anecdotal account of business conditions in the central bank’s key business districts. The report suggested that stubbornly low wage growth may be on the rise. Wednesday’s move for stocks also comes after the market experienced a reversal on fears of a government shutdown and weakness in the energy market.
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