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787 woes drag Boeing, Dow down

The New York Stock Exchange on Wall Street

The New York Stock Exchange on Wall Street in Manhattan. (March 8, 2006) Photo Credit: AFP/Getty Images

More problems for Boeing's 787 sent the aircraft maker's stock down Wednesday, dragging the Dow Jones industrial average lower.

Japan's two biggest airlines grounded all their Boeing 787s for safety checks Wednesday after one was forced to make an emergency landing. The plane, known as the Dreamliner, has been plagued by problems this year, including a battery fire and fuel leaks. Boeing's stock sank $2.60 to $74.34, a loss of 3.38 percent. After the close of trading, U.S. federal officials grounded the airplanes to address the risk of battery fires.

The Dow lost 23.66 points to close at 13,511.23. Without Boeing's drop, the Dow would have ended the day nearly flat.

The Standard & Poor's 500 index inched up 0.02 percent to 1,472.63. A gain in Apple helped pull the Nasdaq composite up 0.22 percent to 3,117.54.

Apple rose $20.17 to $506.09, ending a three-day slide. Concerns that the popularity of its iPhone is waning have pushed Apple's stock down 5 percent this month.

Goldman Sachs and JPMorgan Chase rose after both posted quarterly results that trounced analysts' estimates.

The banks "can make money in any type of environment," said Harry Clark, chairman of Clark Capital Management Group in Philadelphia.

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