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.

Hong Kong carrier Cathay Pacific said on Wednesday it would place a US$8.1 billion order for 14 Boeing jets, its first with the US aircraft maker for more than a decade.Cathay already has a fleet of more than 230 mostly passenger aircraft,