Boeing shares struggle amid US, Canada's decision to ground 737 Max

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Photo taken on March 11, 2019 shows the crash site of an Ethiopian Airlines plane near Bishoftu town, about 45 km from the capital Addis Ababa, Ethiopia. [Photo/Xinhua]

Boeing shares struggled on Wednesday after the United States and Canada decided to join in the grounding of Boeing 737 Max jets.

The stock was traded roughly on an upbeat note since Wednesday's opening, rising more than 1.6 percent at the highs, but gave out the gains shortly after the United States and Canada announced to ban the aerospace giant's 737 Max aircraft.

The United States is grounding all Boeing 737 Max 8 and 9 aircraft, said U.S. President Donald Trump Wednesday, as the country becomes the last major country to do so after two crashes by the model in recent months.

The Federal Aviation Administration said in a statement shortly after Trump's remarks it is ordering the temporary grounding of Boeing 737 Max aircraft operated by U.S. airlines or in U.S. territory.

The move came hours after Canada announced it is pulling Boeing 737 Max aircraft from the sky.

The two countries joined several others, including China, the European Union and Indonesia, in grounding all flights involving the plane after two deadly crashes in about five months, including one on Sunday.

Boeing shares managed to pare losses and gained 0.46 percent to 377.14 U.S. dollar apiece at Wednesday's close. By far this week, the stock fell more than 10 percent. 

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