Dow Jones rebounds from Boeing losses, closes up 201 points

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March 11 (UPI) — The Dow Jones Industrial Average bounced back from early losses brought on by plummeting Boeing stocks to close up 200 points on Monday.

The index rose 201 points, or 0.79 percent, at the end of trading despite early losses from Boeing after an Ethiopian Airlines Boeing 737 crashed on Sunday 6 minutes after taking off from Addis Ababa’s airport, killing all 157 aboard.

Sunday’s crash was the second involving a Boeing 737 since October, when a Lion Air jet crashed after takeoff killing all 189 aboard. The company’s stock dropped by up to 13 percent during early trading Monday.

Ultimately, Boeing’s stock climbed back to close down 5 percent at the end of trading and Spirit AeroSystems, which makes Boeing 737 Max fuselages, fell 4 percent.

Boeing has already delivered 350 of its 737 Max planes with some in use by American Airlines, United Airlines and Southwest Airlines, and has orders for 5,000 more.

China and Indonesia grounded their fleets of the Boeing 737 Max 8 on Monday, while American Airlines and Southwest Airlines expressed confidence in the planes.

American Airlines stock rose 0.44 precent Monday, while United Airlines stock fell 0.024 percent and Southwest Airlines dropped 0.31 percent.

Monday also saw increases in the other two major U.S. indexes as the S&P 500 rose 1.47 percent and the Nasdaq Composite increased 2.02 percent.

Tech stocks led the forward charge with Facebook rising 1.46 percent, Nvidia closed up 6.97 percent and Apple rose 3.46 percent after announcing plans to hold an event on March 25.

Monday’s gains ended a five-day losing streak for the Dow Jones and S&P 500, which saw the indexes down 2 percent last week.

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