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Thank Boeing for sending the Dow into bear territory

Felix Salmon, author of Capital
Data: FactSet; Chart: Axios Visuals

The broad U.S. stock market was not (quite) in an official bear market as of the close of trade on Wednesday — but the Dow Jones Industrial Average was. Thank Boeing for that.

By the numbers: Boeing's share price has fallen from $440 in March last year to $162 in early trade on Thursday. That's a drop of $278 per share.

  • Because the Dow is an average and not an index, it measures changes in nominal share price rather than changes in market capitalization.

The bottom line: The fall in Boeing's share price alone has wiped more than 1,885 points off the Dow.

Go deeper: Boeing's continued woes will add to coronavirus damage

Go deeper

Orion Rummler, Margaret Talev
55 mins ago - Politics & Policy

Read: Former Vice President Walter Mondale's last message

Photo courtesy of Mondale.

Former Vice President Walter Mondale wrote a farewell letter to his staff, sent upon his death on Monday, thanking them for years working together.

Dear Team,

Well my time has come. I am eager to rejoin Joan and Eleanor. Before I Go I wanted to let you know how much you mean to me. Never has a public servant had a better group of people working at their side!

Together we have accomplished so much and I know you will keep up the good fight.

Joe in the White House certainly helps.

I always knew it would be okay if I arrived some place and was greeted by one of you!

My best to all of you!

Fritz

Orion Rummler, Margaret Talev
1 hour ago - Politics & Policy

Former Vice President Walter Mondale dies at 93

Walter Mondale, left, with former President Jimmy Carter in Jan. 2018 at the McNamara Alumni Center on the University of Minnesota's campus in Minneapolis. Photo: Anthony Souffle/Star Tribune via Getty Images

Walter Mondale, who transformed the role of U.S. vice president while serving under Jimmy Carter and was the Democratic nominee for president in 1984, died Monday at 93, according to a family spokesperson.

The big picture: President Biden, who was mentored by Mondale through the years, said in 2015 that the former vice president gave him a "roadmap" to successfully take on the job.

Go deeper (1 min. read)Arrow
Jonathan Swan, Hans Nichols
1 hour ago - Politics & Policy

Scoop: U.S. ambassador refuses Kremlin push to leave Russia

U.S. Ambassador to Russia John Sullivan. Photo: Anton Novoderezhkin/TASS via Getty Images

The United States ambassador to Russia is refusing to leave the country after the Kremlin "advised" him to return home following new Biden administration sanctions, two sources briefed on the situation tell Axios.

Why it matters: John Sullivan, a respected diplomat who President Biden has, so far, retained from the Trump era, is at the center of one of the most important early tests of Biden's resolve.

Go deeper (2 min. read)Arrow