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Tuesday, May 11, 2021
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U.S. joins other nations in grounding 737 MAX jets after second crash

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 in 2013 because of problems with smoking batteries.

Shares of the world’s biggest plane maker, which were up earlier in the session, fell 2 percent to $370.48. The shares have fallen about 13 percent since Sunday’s crash, losing about $32 billion of market value.

Shares of Southwest Airlines Co , which has the largest fleet of 737 MAX aircraft, fell 0.4 percent.

Boeing, which maintained that its planes were safe to fly, said it supported the move to temporarily ground 737 MAX flights.

The United States joins Europe, China and other countries in grounding Boeing’s newest plane since the Ethiopian Airlines flight crashed soon after taking off from Addis Ababa.

The still-unexplained crash followed another involving a Boeing 737 MAX in Indonesia five months ago that killed 189 people. Although there is no proof of any link, the twin disasters have spooked passengers.

(Production: Deborah Lutterbeck)

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