President Donald Trump’s Tuesday pledge to create a new White House Office of Shipbuilding could be a windfall for Mobile, a city where he had some of his earliest campaign successes in 2015. State and local officials believe Trump’s announcement promising tax incentives to bring more ship production back to the U.

Shares of Huntington Ingalls Industries were sailing higher after President Donald Trump announced plans for the shipbuilding industry in his address to a joint session of Congress on Tuesday night. Shares of shipbuilder Huntington gained 11% to $190.

Huntington Ingalls (NYSE:HII) +11.1% in Wednesday's trading to lead all gainers on the S&P 500 after President Trump announced plans to invest in the shipbuilding industry in last night's address to a joint session of Congress.

Shipbuilders’ stocks edged higher in after-hours trading on Tuesday after The Wall Street Journal reported that Donald Trump’s administration is preparing an executive order aimed at reviving U.S. shipbuilding and reducing China’s dominance of the global maritime industry.