Boeing was already under intense scrutiny over another deadly plane crash involving the same 737 MAX 8 model.
A man carries a piece of debris on his head at the crash site of a Nairobi-bound Ethiopian Airlines flight near Bishoftu, Ethiopia, on March 10. The Boeing 737 Max 8 crashed minutes after takeoff from Addis Ababa.
“The near 10 percent decline is weighing heavily on the Dow because the stock has much more to surrender than other Dow components,” said Sam Stovall of CFRA Research. The crash is the second involving a brand new Boeing 737 MAX 8 in less than five months. In October, an Indonesian Lion Air flight plunged into the Java Sea shortly after takeoff from Jakarta, Indonesia, killing all 189 passengers and crew members. Investigators blamed a faulty sensor and automatic feature for pointing its nose down while pilots struggled to lift the plane up.
Boeing, meanwhile, said it was working with investigators in Ethiopia to understand the cause of the crash.The 737 MAX 8 has been an important profit driver for Boeing since it was introduced in 2017. It is crucial to Boeing’s broader international ambitions as it competes with Airbus, its European rival in the commercial airline business.
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