Shares of Precision Castparts Corp., which makes metal components for aerospace markets, rose Wednesday with the broader market as oil prices continued to fall and a stream of new aircraft orders was announced.
The Portland, Ore.-based company shares added $6.01, or 6.6 percent, to close at $97.13. The stock has traded between $89 and $160.73 over the last 52 weeks.
Stocks of aerospace companies over the last six months have been moving inversely to oil prices, said Peter Arment, managing director at American Technology Research. On Wednesday, light, sweet crude fell $4.14 to settle at $134.60 a barrel on the New York Mercantile Exchange, following a drop of $6.44 on Tuesday.
The oil price decline also helped boost the Dow Jones industrial average. The blue-chip index rose 276.74 to 11,239.28.
Precision Castparts' stock was also likely helped by new aircraft orders announced at the Farnborough International Air Show in England. The sales by plane makers Boeing Co. and European rival Airbus are "favorable," for the supplier, said Arment.
Chicago-based Boeing picked up a number of orders at the third day of the show for its 787 jetliner, including a deal for 35 aircraft from Etihad Airways, the state carrier of the United Arab Emirates. Precision Castparts is one of Boeing's suppliers on the aircraft, providing significant content for the plane's engines and other structural components.
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