Move over, FANG stocks — the listings powered by Facebook, Apple, Netflix and Google. Here’s a one-word explanation for why the Dow Jones industrial average and Standard & Poor’s 500-stock index hit a new high on Monday despite geopolitical tensions, turmoil in the White House and the threat of higher interest rates:

Boeing.

While investors have been piling into high-tech growth stocks, the giant commercial aircraft manufacturer and defense contractor has quietly emerged as the best-performing stock in the Dow. This week its shares rose above $240, and even after falling back with the broader market on Thursday, they’ve gained 50 percent this year.

That’s way ahead of second-place Apple, which is up about 34 percent.

And it’s better than Netflix, not a Dow component, which is up 37 percent. Facebook and Alphabet, Google’s parent, can’t match it, either.

When it comes to valuation, there’s only one thing stock investors really care about, which is earnings. And the broad economic forces driving Boeing’s gains are lifting the earnings at many large multinational companies, which is in turn driving the major stock indexes to new heights.

Boeing had Wall Street analysts scrambling to upgrade their recommendations late last month after it reported $2.5 billion in earnings for the second quarter and raised estimates for future earnings and cash flow. The company reported an order backlog that totaled 5,700 aircraft, or about seven full years of deliveries. That will lock in profits and cash flow for years to come.