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Boeing Stock Drops More Than 11% Following Crash of Ethiopian Airlines Flight

Tuesday, March 12, 2019

 

Boeing 737 Max 8 Jet PHOTO: Acefitt/Wikipedia

Shares of Boeing dropped more than 11 percent on Monday, according to the Financial Times.

Boeing is now on course for the biggest drop since the September 11 terrorist attacks in 2001.

The drop cost the 30-stock Dow over 350 points.

Boeing Stock Drop

On Friday, Boeing closed at $422.54 per share.

However, on Monday, the stock traded at $370 in the open market following the crash of an Ethiopian Airlines flight on Sunday that killed 157 people, according to CNBC.

The victims of the crash included citizens of 35 countries, 32 Kenyans, 18 Canadians, nine Ethiopians and eight from China, Italy and the United States.

The United Nations announced that 19 of its staff members were victims.

According to reports, the plane used for the flight was a 737 MAX 8 jet. The jet is one of Boeing’s top-selling airplanes.

It is the second time in less than six months that one of the planes crashed minutes after taking off.

Last October, a new Lion Air Boeing 737 MAX 8 flight crashed in the Java Sea killing 189 people.

Planes Grounded 

The Civil Aviation Administration of China ordered that all domestic Boeing 737 Max 8 jets be grounded by 6 p.m. local time.

According to CNN, China has 97 Boeing 737 MAX 8 jets, one of the world’s largest fleets.

Ethiopian Airlines and Cayman Airways both announced that they have grounded the planes.

Indonesia also grounded the planes.

According to the U.S. Federal Aviation Administration (FAA), there are approximately 350 Boeing 737 Max 8 aircrafts in operation worldwide, being flown by 54 operators.

Click here for a list of airlines that fly the plane.

 

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