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The Boeing 737 MAX 10 is a commercial airliner.
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Following rumors that a 737 cargo airliner made an emergency landing in the ocean near Hawaii, the stock market took a knock. Investors are hypersensitive to news about Boeing safety, but the jet in question was not involved in the incident. The stock was down 1.2 percent late Friday morning, recovering somewhat from its low point. The
S&P 500 Index
and
The Dow Jones Industrial Average (DJIA) is a stock market index
Were both up roughly 0.3 percent in contrast.
In recent months, Boeing investors have had to deal with a slew of safety-related news involving 737 planes. Following two catastrophic crashes approximately five months apart, the company’s newest model 737, known as the MAX, was grounded worldwide between March 2019 and December 2020. Airlines appear to be satisfied with the new jet’s performance. More than 600 MAX planes have been ordered since the plane was restored to commercial service. The plane that was involved in the alleged Hawaii incident was a freight plane, not a passenger airliner. Cargo planes are frequently older types that have been phased out of passenger service. The 737 airliner involved was most likely older than the previous version of the MAX, known as the 737 NG. According to a Boeing spokeswoman, the business is aware of the issue and is keeping an eye on it. The official stated, “We are in contact with the US National Transportation Safety Board and are working to acquire further information.” The Federal Aviation Administration did not respond to a request for comment right away. The stock of Boeing is currently selling at at $237, down from a high of almost $440 before the pandemic and the grounding of the MAX, but it is still up nearly 11% year to date. As immunizations have permitted people to return to flying, stock prices have climbed. On Thursday, more individuals flew commercially in the United States than on the same day last year, marking the first time that traffic has surpassed the pre-pandemic level. A year ago, little under 2.1 million individuals flew, compared to just over 2.1 million the year before. Al Root can be reached at allen.root@dowjones.com./n
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