Defense Stocks Move Higher

Defense stocks are trading significantly higher Monday after President Donald Trump said he would seek to increase defense spending by $54 billion.

Within the sector, shares of Lockheed Martin (LMT) are higher by 1% at $268.31, just below its all-time high of $269.90.

Shares of Boeing (BA), Raytheon (RTN) and United Technologies (UTX) all set record highs of $179.46, $156.17, and $112.97 respectively. Other names in the defense industry are also posting strong gains including Textron (TXT) which is trading more than 1% higher, L3 Technologies (LLL), also up by more than 1%, and Kratos Defense & Security (KTOS) which is outperforming its peers with a gain of nearly 5%.

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