Why did Boeing’s stock go up today? Big plane order, possible China thaw (NYSE:BA)

Boeing’s (NYSE:BA) stock on Monday rose 4% — the biggest one-day gain since July — as the company received multibillion-dollar orders for new planes and investors weighed the possibility that a freeze on its sales in China could soon end after President Biden meets with Chinese leader Xi Jinping on Wednesday.

Artist rendering: Boeing

Boeing (BA) also received an order from Dubai’s Emirates airlines for 90 widebody planes. Terms of the deal weren’t disclosed, but Emirates said the planes were valued at $52 billion.

The order increases Emirates’ backlog to 205 of the 777X and 35 of the 787 Dreamliner.

Boeing (BA) hasn’t seen significant sales of its 737 Max narrowbody jets in China since at least 2018, before two crashes led to a global grounding of the model. Deteriorating relations between the two countries also hindered dealmaking.

Boeing (BA) already has an estimated 85 737 Max jets intended for China in storage. Restarting deliveries could help the company reach its target of shipping 375-400 of the planes this year.