The Dow Jones Industrial Average
Who's to blame? The U.S. budget should fall near the top of that list. Boeing
Both stocks were reacting to a joint press conference featuring Defense Secretary Leon Panetta and President Obama. Their message was simple: Expect more program cuts and defense reductions in the fiscal 2013 budget. While the specter of cuts has long loomed over the defense industry, today's conference was just one more signal that not only is defense in for a long round of protracted cuts, but the nature of the industry is also changing. Obama emphasized more small-scale operations and strengthening the United States' presence in the Asia-Pacific region. Radical changes away from big-budget programs can be a threat to the dominant players of the industry.
In addition, even though crude oil was up as markets opened, energy giant Chevron
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