Boeing Bounces Back to Help Dow on 737 Recertification Hopes
By Kim Khan
Investing.com- The Dow Jones ended the session in the red Friday, although off its lows, and it was helped in a big way by Boeing (NYSE:BA).
Shares of Boeing (NYSE:BA) rose $5.26, or 1.7%, to $323.05.
The rise of more than $5 is significant as, unlike other indices, the Dow calculated on the dollar amount of its components’ moves.
The rise in Boeing (NYSE:BA) helped the blue-chip index by a little more than 35.7 points. The Dow ended the day down a little more than 170 points, or about 0.6%.
The fate of Boeing’s shares has been dictated by the timeline on when its 737 Max jet will receive regulatory approval to fly again after two fatal crashes last year.
The problem has seen off the CEO of Boeing (NYSE:BA) and brought out embarrassing headlines of how the company handled the design and manufacturing process of the plane.
Today shares bounced as the FAA said it could clear the 737 Max to fly again before mid-year, a timeline recently given by Boeing (NYSE:BA) that send shares down.
FAA administrator Steve Dickson said if there are no new problems the plane could be flying again before the outside date of mid-year, CNBC reported, citing a person familiar with the matter.