Shares in US aviation giant Boeing fell precipitously on Wednesday, dragging the Dow Jones Industrial Average lower moments after President Donald Trump announced the grounding of top-selling aircraft. It was an erratic day as Boeing shares recovered early in the session, but lost nearly three percent after Trump's announcement, before regaining some ground. BANNEDThe benchmark Dow, which is heavily weighted to Boeing's shares, fell about 100 points, but then bounced back to show a 0.3 percent gain. Sunday's crash of Ethiopian Airlines Flight ET302 was the second in less than five months for the 737 MAX 8, bearing eerie similarities to October's fatal Lion Air crash in Indonesia. Boeing said Wednesday it maintains total confidence in its 737 MAX aircraft, but nevertheless supports the decision to ground the planes.

Source: Daily Nation March 13, 2019 19:05 UTC