Martha Stewart gains time to seek new trial

A federal judge has delayed Martha Stewart’s sentencing by three weeks while lawyers for the celebrity homemaker prepare another bid for a new trial.

Sentencing for Stewart and former stockbroker Peter Bacanovic, originally set for June 17, was rescheduled for July 8, federal prosecutors and defense lawyers said Monday.

Stewart’s lawyers said U.S. District Judge Miriam Goldman Cedarbaum granted the delay to give them time to submit a request for a new trial based on perjury charges filed against a government witness.

Larry Stewart, a Secret Service ink expert, was accused in May of lying eight times on the witness stand, mostly during testimony he gave about a worksheet prepared by Bacanovic.

Aviation

Boeing stock soars

Boeing Co. shares rose to their highest level in more than two years Monday amid increasing optimism that the aerospace giant was poised to benefit from a recovery sometime soon in the commercial airline industry.

Despite struggling to overcome a string of ethical problems that have hung up some multibillion-dollar military deals, the company has seen its stock increase more than 25 percent since late March on perceptions that prospects for future defense and aircraft contracts are bright.

At least one analyst upgraded the company’s stock on Monday and momentum also has been building in the marketing of the planned new 7E7 Dreamliner, for which Boeing is in talks with airlines about potential orders involving hundreds of planes.

Boeing’s stock climbed $1.23 per share, or 2.6 percent, to $48.13 on the New York Stock Exchange — its highest closing price since April 2002. The shares traded at an all-time high of about $70 in late 2000 before the bottom fell out of the commercial airline market, particularly with the 9-11 attacks.

Wall Street

Reagan funeral to close financial markets Friday

Most U.S. financial markets will close Friday in observance of the national day of mourning for former President Reagan.

The New York Stock Exchange, Nasdaq Stock Market and American Stock Exchange will be closed Friday. Trading for the week will end Thursday and resume June 14.

The markets customarily have closed in the past for presidents’ funerals.

Most U.S. commodities markets also will be closed, although there will be some abbreviated trading in some contracts Friday morning. Bond markets also are expected to be closed.

Currency trading is expected to continue, as many banks are expected to remain open.

Investigation

Enron case delayed

A federal judge on Monday postponed the first scheduled Enron Corp. criminal trial until August after lawyers informed him the proceedings will last beyond the scheduled five weeks.

U.S. District Judge Ewing Werlein indicated that it was likely the trial, set to begin Monday with jury selection, would have been interrupted for several weeks. He didn’t specify why, although he has noted he has a vacation scheduled to start July 12.

Werlein reset jury selection for Aug. 16.