In a significant development, Boeing (BA) and Cathay Pacific announced an order for 14 additional 777-9 passenger jets, aligning with the broader market's rise. Boeing's stock saw a notable increase of 17.

Cathay Pacific Airways Ltd. is doubling down on its long-haul expansion with the first purchase of Boeing Co. widebody aircraft in a dozen years, while it struggles closer to home with its HK Express unit suffering from a sharp drop in regional demand.

Boeing and Cathay Pacific today announced the Hong Kong-based carrier is ordering 14 more 777-9 passenger jets, bringing its order book to 35 of the world’s largest twin-engine airplane. Designed to reduce fuel use and emissions on average by 20% and noise by 40% compared to the airplanes it replaces,