Shares of Boeing surged Friday afternoon to lead Dow Jones Industrial Average gainers after President Donald Trump named the plane maker the winner of a contract to build the U.S. Air Force's next-generation fighter jet, the F-47.

President Donald Trump awarded the production of the F-47 fighter jet to Boeing. It will replace the Lockheed Martin's F-22 Raptor.

The initial contract to proceed with production on a version for the Air Force version is worth an estimated $20 billion.