FLASH: Boeing’s (NYSE:BA) 737 Max fleet to be grounded effective immediately until further notice. The FAA is expected to announce further details soon.
President Donald has issued an emergency order grounding all Boeing 737 Max 8 and Max 9 aircraft in the wake of a crash of an Ethiopian Airliner that killed 157 people.
Many nations in the world had already barred the Boeing 737 Max 8 from its airspace, but until now, the Federal Aviation Administration (FAA) had been saying that it did not have any data to show the jets are unsafe.
President Trump said Wednesday that the FAA would be making the announcement soon to ground the planes.
He says any plane currently in the air will go to its destination and then be grounded.
President Trump says pilots and airlines have been notified.
He says the safety of the American people is of “paramount concern.”
Boeing Co is down Wednesday on the heels of the Ethiopian Air crash and President Trump’s grounding of the US fleet. Edward Jones lowered its rating to Hold from Buy on the heels of the call, but other firms are defending Boeing’s long-term value.