Nuclear Submarines power April durable goods report. The Result – S&P 500 rises to all-time-highs.
U.S. nuclear subs surfaced in a big way in the April durable-goods report. A record Navy construction contract powered a 0.8% gain in durable-goods orders last month when Wall Street was actually expecting a 0.8% drop.
In April, the Navy inked a $17.6 billion contract for 10 nuclear-powered attack submarines. Contractors General Dynamics Electric Boat GD +0.01% and Huntington Ingalls Newport News Shipbuilding hii HII will handle construction. The deal could reach as high as $17.8 billion under certain conditions.
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