Shares of Boeing, which had lost about 11%, or more than $28 billion in value, fell another 3% immediately after President Trump announced the US would ground 737 MAX 8 and 9 jets. The shares then rebounded.
Shares of Boeing , which had lost about 11%, or more than $28 billion in value, before the announcement, fell another 3% immediately after President Donald Trump announced the move from the White House. The shares then rebounded in a sign that the grounding had been largely priced in to Boeing's stock. But even as they managed to close Wednesday slightly higher, shares are down more than 10% since the crash.
Boeing said it remains confident in the safety of the jets, but that it recommended the shutdown itself"out of an abundance of caution and in order to reassure the flying public of the aircraft's safety," according to a statement from the company. "We are supporting this proactive step," CEO Dennis Muilenburg said in the statement.
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