By Emily Dattilo
Shares of Huntington Ingalls Industries were sailing higher after President Donald Trump announced plans for the shipbuilding industry in his address to a joint session of Congress on Tuesday night.
Shares of shipbuilder Huntington gained 11% to $190.49 in Wednesday trading, on track for its largest daily percentage increase since 2016, according to Dow Jones Market Data.
"We are also going to resurrect the American shipbuilding industry, including commercial shipbuilding and military shipbuilding," Trump said, adding that he will create a "new Office of Shipbuilding" and "offer special tax incentives to bring this industry home to America, where it belongs."
The president also wants to refresh the domestic shipbuilding industry.
"We used to make so many ships. We don't make them anymore, very much," he said. "But we're going to make them very fast, very soon."
Defense contractor stocks were also trading higher, with Lockheed Martin gaining 1.2%, Northrop Grumman climbing 1.1%, and General Dynamics up 2.6%.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 05, 2025 10:54 ET (15:54 GMT)
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