03/13/2019

U.S. Grounds 737 MAX Jets, Boeing Shares Fall

This comes on the heels of similar actions in Europe, Asia

President Donald Trump on Wednesday said the United States would ground Boeing Co’s 737 MAX jets, following Europe and other nations that have already stopped the planes flying due to safety concerns after an Ethiopian Airlines crash on Sunday, the second such disaster in less than five months.

It was the second time the U.S. Federal Aviation Administration has halted flights of a Boeing plane in six years. It had grounded the 787 Dreamliner due to problems with smoking batteries in 2013.

Shares of the world’s biggest plane maker, which were up earlier in the session, fell 2 percent to $370.48.

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