The FAA has cleared the Boeing 737 Max to fly again after being grounded for nearly two years.
The Boeing Company (NYSE: BA) had 387 of the planes in service worldwide prior to the grounding order.
The 737 Max suffered two catastrophic crashes overseas that killed all passengers aboard both planes, resulting in 346 fatalities. The crashes happen within months of each other, one in October 2018 and the next in March 2019.
After the second crash, the FAA ordered all 737 Max planes grounded until further notice. BA stock fell from $450 to $350 in the weeks that followed.
The stock took another hit when the travel industry shut down due to the COVID-19 pandemic. Its share price fell below $100 in the immediate aftermath, eventually leveling off near $160.
Early last week, news of a promising vaccine candidate broke. The stock price climbed up over $200.
With the rescinded FAA order, BA stock popped again today, trading as high as $223
The markets are always forward-looking. With vaccines and planes in the pipeline, the 2021 summer-vacation season is beginning to take shape.
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