Boeing shares close lower on Wednesday, safety ban on 737 MAX lifted by UAE’s civil aviation authority

According to a report by the state news agency WAM, the United Arab Emirates’ civil aviation authority has given Boeing 737 MAX aircraft a green light to return to commercial service.

Boeing shares closed lower for the fourth time in the past ten trading sessions in New York on Wednesday. The stock went down 0.76% ($1.66) to $215.52, after touching an intraday high at $218.71, or a price level not seen since December 29th 2020 ($221.60).

Shares of Boeing Company have risen 0.68% so far in 2021 compared with a 4.67% gain for the benchmark index, S&P 500 (SPX).

In 2020, Boeing’s stock went down 34.29%, thus, it again underperformed the S&P 500, which registered a 16.26% gain.

The US Federal Aviation Administration lifted the safety ban on the jet in November, while the European Union Aviation Safety Agency did so in January.

The 737 MAX was grounded internationally two years ago after two fatal crashes in five months led to the death of 346 people.

“Lifting the ban on the plane is a result of intensive efforts by the authority’s technical committee which evaluated all the technical requirements from the U.S. Federal Aviation Administration, Boeing and the European Aviation Safety Agency,” Saif al-Suwaidi, director general of the United Arab Emirates’ General Civil Aviation Authority, was quoted as saying by Reuters.

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