Boeing shares take off as 737 Max return cleared by Europe
Shares of parts supplier also gained
Boeing shares soared Friday after the European Union’s top aviation regulator cleared the 737 Max jet to return to the skies as soon as this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 149.27 | +5.87 | +4.09% |
Shares of General Electric, which makes engines for the 737 Max, also gained on the news. As did those of parts makers Spirit Aerosystems Holdings and Raytheon Technologies Corp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GE | GE AEROSPACE | 181.15 | +2.45 | +1.37% |
| SPR | SPIRIT AEROSYSTEMS | 32.49 | +1.14 | +3.62% |
| RTX | RTX CORP. | 120.77 | +0.24 | +0.20% |
The announcement from Patrick Ky, executive director of the European Union Aviation Safety Agency, comes a month after U.S. regulators made similar comments following a test flight of the aircraft.
“Our analysis is showing that this is safe, and the level of safety reached is high enough for us,” Ky told Bloomberg News.
The 737 Max was grounded in March 2019 after two crashes killed all 346 people aboard. The fallout from the accidents resulted in the resignation of former CEO Dennis Muilenburg.
Boeing continues to “work closely with global regulators to re-certify the plane,” a company spokesperson told FOX Business.
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The Federal Aviation Administration, pointed FOX Business to the latest proposed pilot training for the Boeing 737 MAX, released last week, which is currently under review. The next steps, if requirements are met, would be the official ungrounding of the aircraft.