India, Sept. 30 -- Boeing shares jumped 2% on Wednesday after the company won a major US Navy fighter jet contract. The stock move came after the Pentagon selected Boeing for the Navy's next-generation fighter program.

The Pentagon chose Boeing over Northrop Grumman to develop the US Navy's next-generation fighter jet. The decision gives Boeing a major new military aircraft program. The contract is worth more than $20 billion for the full-scale development phase of the Navy's sixth-generation F/A-XX Strike Fighter, according to the Pentagon.

The F/A-XX is the US Navy's next-generation fighter program. Boeing will now be responsible for developing the aircraft as the program moves into its full-scale development phase. The Navy contract ...